The task seems daunting, almost unreachable for many of us. "If you could only have a Million Dollars what would you spend it on?" that is the sort of mind games most of us have been playing at some point in our lives. How realistic is the goal of becoming a millionaire?
If you start saving and investing early and you plan wisely, it does not appear such an unrealistic goal after all. Using this neat online calculator, you can go through a number of scenarios that suit your personal situation. Let's use a generic example to show you and your kids that the illusive $1Million mark is not all that unattainable.
Your goal: $1,000,000
If you had an investment or savings of say $10,000 and you could invest another $6,000 each year at a compounded interest of 7%, it would take you 36 years to reach your goal.
Sounds unreal? Use the calculator on the right side of this blog to verify the numbers and check as many different scenarios as you wish. The idea is to make your kids understand that goals are attainable but that it takes time, discipline and planning to reach those goals.
Start early and you might see that $1 Million before you know it.
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