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$27.40 a day.
That's how much you need in order to become a millionaire.
Invest $27.40 a day ($10,000 a year) for 30 years with a 7% rate of return and you'll have 1.086 million dollars.
This is how. A thread.
That's how much you need in order to become a millionaire.
Invest $27.40 a day ($10,000 a year) for 30 years with a 7% rate of return and you'll have 1.086 million dollars.
This is how. A thread.
If you have a 401k,
• Log into your 401k
• Calculate the % based on your yearly gross salary that’ll contribute $10k
Formula: $10K / gross salary x 100 = %
• Input the value to your contribution
• Invest in low fee index funds
Allow
to grow.
• Log into your 401k
• Calculate the % based on your yearly gross salary that’ll contribute $10k
Formula: $10K / gross salary x 100 = %
• Input the value to your contribution
• Invest in low fee index funds
Allow
to grow.
If you’re employer matches your 401k, you could reduce your contribution by the amount they match.
Ex: calculation above comes out to say 15%. Employer matches up to 3%.
You then only need to contribute 12% to reach the 1.086 million in 30.
What if I have no 401k?
Ex: calculation above comes out to say 15%. Employer matches up to 3%.
You then only need to contribute 12% to reach the 1.086 million in 30.
What if I have no 401k?
If you have no 401k,
• open an IRA
• open a brokerage account
IRAs in 2020 only allow annual contribution of $6K ($7K over 50)
• contribute the $6k into your IRA ($16.44 a day)
• contribute the additional $4k into a brokerage account ($10.96 a day)
• invest in index funds
• open an IRA
• open a brokerage account
IRAs in 2020 only allow annual contribution of $6K ($7K over 50)
• contribute the $6k into your IRA ($16.44 a day)
• contribute the additional $4k into a brokerage account ($10.96 a day)
• invest in index funds
Then read my blog on how much you need to retire. https://upshotwealth.com/blogs/blog/how-much-money-do-you-need-to-retire
you need to retire. https://upshotwealth.com/blogs/blog/how-much-money-do-you-need-to-retire
