If You Save $300 Monthly, Here's How Long It'd Take to Be a Millionaire

america
July 03, 2018Jul 03, 2018

It is no secret that saving money is a good idea! In today's culture, saving seems to be the furthest thing from our minds while being constantly hit with advertisements to purchase products.

However, saving money is always a good idea. Recently, CNBC ran a story about how long it would take you to become a millionaire if you decided to save $300 per month. The answer was quite surprising!

"CNBC Make It used CNN Money's helpful millionaire calculator to estimate when you would become a millionaire if you're able to contribute $300 to an investment account each month, assuming that you're starting from scratch with zero savings," according to the report.

-With a 4 percent rate of return, you'd become a millionaire in 62 years, by 2080.

-With a 6 percent rate of return, you'd become a millionaire in 48 years, by 2066.

-With an 8 percent rate of return, you'd become a millionaire in 39 years, by 2057.

-With a 10 percent rate of return, you'd become a millionaire in 34 years, by 2052.

The moral of this story is that saving early on in life truly does make a difference! If you find yourself unable to save money, try to organize your monthly budget and cut out some areas that are not necessities. Once you have done that you can use those funds to save!

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