Millionaire Calculator. Monthly savings needed to become a millionaire.

To become a millionaire you need to consistently set aside some of your income. Preferably you do this every month. This calculator will help you calculate how much you need to save every month for the number of years you put into the calculator. The interest rates or yield you get while saving, the wealth-building phase, can significantly affect the monthly savings amount.

Don’t overestimate the interest rate earned per year. Historically the S&P 500 have returned, on average, 10.9% annually the last 50 years. However, in the last 20 years, the S&P 500 have only returned 5.9% annually. The difference between these two yields may significantly affect your savings. Experiment with different yields and see how it changes your monthly savings amount needed to become a millionaire.

Nonetheless, the sooner you start accumulating your nest-egg, the faster you will become a millionaire!

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Calculator results

To reach a million, your monthly savings must be: 1,405

How much do I have to save each month to become a millionaire?
The short answer: It depends on disposable income and your income level vs expense level. The longer answer: if becoming a millionaire is something you want to strive for, you should aim to save at least 50% of your paid salary.

For how many years should I expect to save to become a millionaire?
Becoming a millionaire in just a few years is difficult no matter what income level you have. But if you manage to set aside most of your paycheck, it should be possible to become a millionaire within 10 to 20 years for most people, if you make the right decisions and prioritize saving over everything else.

What is the expected return on the stock market over the next 20 years?
Most economists expect to see an average annual return of 5 to 10 percent. But remember that no one knows what the future holds and that historical returns are not a direct indication of future returns,

What is the best savings strategy to become a millionaire?
Pay yourself first, which means setting aside money for savings first. Make a budget with what is left after you save, and live by it. Never use credit cards, at least not take up credit card debt. Learn from minimalists and live more like them and less like a millionaire.