Making Your Money Grow

Let's say you have a long term goal of becoming a millionaire by saving and investing your money. How long will it take? How much would you have to save every month?

While no one can guarantee that you'll be a millionaire if you follow a certain strategy, you can use the millionaire calculator to see how it's possible based on certain assumptions.

1. Open the millionaire calculator at the Finacial Mentor website.
2. Enter the following:
   • The initial investment (your current savings)
   • Monthly deposit amount (how much you plan to save every month)
   • Annual interest rate you expect to earn - 5.0%
   • Average annual inflation rate - 3.0%
3. Once you have entered this information, click calculate to see how many years it will take for your investments to make you a millionaire. Then adjust the values and see how it impacts the number of years.

How did you do? Are you going to need to save a lot every month to get to your goal?