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.
As suggested by my friend, Rico, you can likewise use the code below to align your calculator to the right of your page. (Thanks for the suggestion!)
Alternatively, you can replace “float:right” with “float:left” in the code above if you want to align the calculator towards the left side.
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.
SELECT AN ARTICLE TO READ NEXT BELOW: