The Million Dollar Age Grid

millionDollarAgeGrid


This grid shows at what age you can become a millionaire, based on your yearly savings and what age you start saving. This grid assumes you start with $0 and your savings are invested at a 7% annual interest rate.

For example: If you start saving $24,000 every year starting at age 30, you will have one million dollars by time you are 50.

Here’s the math behind that:

millionDollarAgeMath

Some Interesting Observations

  • No matter what age you start, by saving $10,000 per year you can become a millionaire in 30 years
  • No matter what age you start, by saving $20,000 per year you can become a millionaire in 22 years
  • No matter what age you start, by saving $40,000 per year you can become a millionaire in 15 years
  • A 50 year old with a net worth of $0 can become a millionaire by 63 through saving $50,000 per year. This might seem unreasonable, but keep in mind this is the age where most people are near their peak earnings. 
  • Anyone can become a millionaire before the traditional retirement age of 65 by saving only $4,000 per year starting at age 20.

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2 Replies to “The Million Dollar Age Grid”

  1. That’s very interesting, and
    my experience bears it out. Saving what I did the chart hits almost to the year my first million in investments. It shows that normal people with a little abnormal discipline can’t avoid becoming millionaires.

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