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.
- Open the millionaire calculator at the Finacial Mentor website.
- 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%
- 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?