Thursday, May 13, 2010

How To Get $1 Million

The task seems daunting, almost unreachable for many of us.  "If you could only have a Million Dollars what would you spend it on?" that is the sort of mind games most of us have been playing at some point in our lives.  How realistic is the goal of becoming a millionaire?

Whether you work as a musician, painter, banker or accountant, the goal is indeed reachable. If you start saving and investing early and you plan wisely, it does not appear such an unrealistic goal after all. 

Let's use an example to show you that the illusive $1 Million target is not all that unattainable:

If you can save about $10,000 this year and then invest another $10,000 each year at a compounded interest of 7%, you could reach that goal in about 30 years.

If you can save about $20,000 this year and then invest another $20,000 each year at a compounded interest of 7%, you could reach that Million Dollar goal in only 20 years.

Sounds unreal? Not at all – it’s all about planning. There are numerous online calculators that can help you do these types of long-term financial goal settings.  Send me an email to clemens.kownatzki@fxistrategies.com  to get your own personal savings goal calculator.

 

For questions, comments and suggestions, please feel free to use the commentary section or email: clemens.kownatzki@fxistrategies.com

Please help us spread the word and promote financial literacy!

1 comment:

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