The Million Pesos Calculator

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How long will it take for you to become a millionaire? Let’s have a bit of fun today by trying this financial calculator.

You will start by entering your Current Savings. Then look into your monthly budget and determine how much you can save in a month, enter this amount as your Monthly Deposits.

In the Rate of Return field, enter a number corresponding to the interest rate that your savings bank is giving you. Alternatively, you can enter the growth rate of a specific financial instrument that you plan to invest in. Lastly, enter your Current Age and press Calculate to compute how long it will take for you to become a millionaire.

Try it now and we’ll talk about some results later.

So, how long will it take for you to become a millionaire? More importantly, what can we learn from this tool?

Assume that you are a 21-year old college graduate with no savings but is about to start on a job that pays P15,000 a month. If you diligently pay yourself 10%, meaning you save P1,500 each month, and continually invest that money on an instrument that gives 5% monthly rate of return; then you’ll be a millionaire by age 47. Now that seems to be a long time to wait. But simply increase your monthly deposits by P500 and you’ll become a millionaire four years earlier at the age of 43.

This financial calculator uses the principle of compound interest to calculate how your money will grow. Although the presented results are not realistic because it doesn’t take into account other factors such as inflation; it nevertheless gives us a strong vision of what’s possible for us. By estimating our financial status and using this simple tool, we can have an idea how far (or how near) we are to becoming a millionaire.

I hope that you enjoyed my post. If you’d like to share The Million Pesos Calculator to others by putting in on your site, then simply copy the code below and paste it exactly as it appears. I’d like to remind you that this calculator will have a link to this website. Thanks.

<script src="http://fitzvillafuerte.com/calculator/million-pesos-calculator.js" type="text/javascript"></script><span style="font-size:85%;"><a href="http://fitzvillafuerte.com/million-pesos-calculator.html">Click here to put this Calculator on your site.</a></span>

As suggested by Technogra.ph, you can likewise use the code below to align your calculator to the right of your page. (Thanks for the suggestion!)

<div style="float:right;margin:0 0 8px 8px"><script src="http://fitzvillafuerte.com/calculator/million-pesos-calculator.js" type="text/javascript"></script><span style="font-size:85%;"><a href="http://fitzvillafuerte.com/million-pesos-calculator.html">Click here to put this Calculator on your site.</a></span></div>

Alternatively, you can replace “float:right” with “float:left” in the code above if you want to align the calculator towards the left side.

Lastly, I would like to extend my gratitude to Dollar Times for giving me inspiration to write this post. The original version of the calculator is available in their website. Furthermore, if you’d like to receive more tools on how to make your journey towards financial freedom fun and easy, then please subscribe to Ready To Be Rich.

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This entry was posted on Tuesday, May 27th, 2008 at 7:38 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. If it's your first time to comment here, they will be held for moderation. Off-topic responses may be deleted.

24 Responses to “The Million Pesos Calculator”

Ambo on May 28th, 2008 at 9:33 am

I love this calculator, very friendly hahaha. Thanks for sharing Fitz!
Glenn on May 28th, 2008 at 10:51 am

galing ng calculator mo fitz !
Fitz on May 28th, 2008 at 2:22 pm

Thanks Ambo and Glenn. Sumakit ang ulo ko sa pag-gawa niyan. Hahaha. But I think it’s worth it.
Pinoy Nurse Making Money Online on May 28th, 2008 at 7:13 pm

Wow! Astig! Antagal ko pa magiging millionaire! haha
Jehzeel Laurente on May 30th, 2008 at 3:40 pm

whoa whoa whoa! this one’s really cool! hahahaha nagustuhan ko ah.. haha! astig! at 26 millionaire na daw ako. nyak :d sana totoo hehe
Make Money w/ Gusher on May 30th, 2008 at 5:21 pm

wow!!!! gling ng tool mo kuya, astig!!!!!
bloggista on June 1st, 2008 at 3:11 pm

Nice calculator bro. Hehe. Sana may psychic powers din kasama yan.
Fitz on June 1st, 2008 at 7:39 pm

Thanks po sa comments.

@Bloggista
Hayaan mo, next calculator ko mala-Peter Answers ang gagawin.
Dexter on June 3rd, 2008 at 8:26 pm

Sabi ng calculator matagal pa raw akong yayaman he heh e
Fitz on June 3rd, 2008 at 9:32 pm

@Dexter
Hindi ako naniniwala. Hehehe. Ikaw pa.
Technograph on June 4th, 2008 at 9:55 am

Great tool that makes use of technology!
leo on June 7th, 2008 at 11:24 pm

Great.. At least, I know I still got the chance to be a millionaire..
Un nga lng, at the age of 63… hehe
Fitz on June 8th, 2008 at 1:12 am

@technograph
Thanks!

@leo
That’s still good news. How many 63 year old Filipino millionaires do you personally know? Not a lot right? Furthermore, what this means is that if you focus on increasing your monthly inputs and investing in financial instruments with higher rates of return, then you can reach that one million peso mark way before you retire. Good luck!
leo on June 8th, 2008 at 9:48 am

fitz,

thanks for dropping by in to my blog and for the comment.
i wish also to add your “multi million calculator” to my blog but the texts are hidden or can’t be seen. I think I have to change the color of the text. Please help me how?

Thanks.
Fitz on June 8th, 2008 at 3:42 pm

Hi Leo, the problem seems to be the background color of the calculator. I changed it to blue so that it will be readable for either black or white texts. Thanks for the notice.
leo on June 9th, 2008 at 12:07 am

Fitz,

Ok na… galing mo.. thanks, bro..
norman on June 11th, 2008 at 9:33 pm

brod fitz!

nice site you have here, i somehow stumbled on your site. Bro sana next time you could feature/compare investment products of banks.

So us readers could have a good idea where to put our money.

Thanks bro!

norman 97D
Fitz on June 12th, 2008 at 1:14 am

Sige brod, I will research on that. Thanks for coming by and taking the time to comment. Kwentuhan na lang tayo pag may meet-up ang mga brods. Ngayon alam niyo na kung saan ako pwede tawagin. Hehe.
SoNn on June 17th, 2008 at 10:31 am

Good job Fitz! Do you mind if I post your calculator on my site?
Fitz on June 17th, 2008 at 3:03 pm

Hi SoNn, of course I don’t mind. Go ahead and share it. Thanks!