Years to Become a Millionaire
You can use this calculator to calculate the number of years it will take for an initial investment along with monthly contributions to accumulate to $1 million.
To open this calculator, click Calculators in the toolbar, and then click Other Investment > Years to Become a Millionaire in the left panel.
You can export the data as a PDF file or clear all data that you entered. For more information, see Financial calculators.
Example
How long will it take for $100,000 savings and $100 investment per month to become $1 million dollars?
Field | Input |
---|---|
Initial investment | $100,000 |
Each monthly investment | $100 |
Annual rate of return | 10% |
Years desired to become a millionaire | 20 |
In this example, it will take 22.1 years for the savings and investment to become $1 million dollars. To accumulate $1 million dollars in 20 years, change the investment as follows.
- Increase the initial investment to $126,099.05,
- increase the monthly investment to $351.86, or
- achieve an annual rate of return of 11.10%.
Note: This calculator compounds the earnings on investments monthly.
Internal notes
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