Who wants to be a millionaire?

Normally, we associate to become a millionaire through the lottery. Few gambling games make you millionaire overnight and the odds  are very small.
 

However, the possibility of reaching one million dollars ( $ 1,000,000) through our savings is not as unattainable as we think. A regular savings can become millionaires someday. Of course, depends on three things:

• The age at which we start to save
• The amount we save periodically
• The return we get

This graph shows the monthly effort we should do if we are to $ 1,000,000 at age 65 depending on how we start to save:

* Average return on equity expected 7%

* Average return on deposits expected 3%

* The calculations do not take into account the inflation effect

Monthly savings needed to get 1 million dollars to 65 years depending on the age at which we start saving :

Get 1 million dollars is possible but involves a considerable effort, especially when we start to save.

If you are 25 years old , $ 381 monthly savings can be almost impossible, but think that if you started to work, you probably have few expenses. As time passes, the effort is reduced: 

• At 35 the same amount is equivalent to $ 268 / month from now, 
• At 45 amount to $ 189 / month from now
• At 55 amount to $ 133  / month from now

 * Estimated inflation of 3.5%

Another way to reduce the effort is whether we have saved a certain amount . For someone who had already saved $ 20,000. Savings per month that is needed to get 1 million euros would be:

 

Who Wants To Be A Millionaire?