So You Want to Be a Millionaire

Being a millionaire may not mean what it did 50 years ago or even 20 years ago, but no matter how you look at it, a million dollars is still a lot of money.

If you have enough time, are a disciplined saver, and invest wisely, achieving millionaire status is definitely within your reach. The chart below shows how much money you need to save each week depending on the number of years you have to save. What is most evident here is that time is the greatest ally for any investor. If you've been procrastinating about a serious savings program, this chart makes it clear that the time for you to begin saving is now. If you do it right, you too can become a millionaire.

This chart assumes an annual return of 10% per year (earned equally each month on a hypothetical investment). While this represents the approximate long-term return of stocks, as measured by the Standard & Poors 500 (an unmanaged index of stocks), your actual results will vary. You cannot invest directly in the S&P 500 index.

Content is for informational purposes only and may not accurately reflect your specific situation. Information is not intended to provide financial, legal, tax, or accounting advice. You should consult a qualified advisor for advice specific to your own circumstances.