Most of us would say a resounding YES! Without a large lottery ticket win, most of us however won’t be able to save a million dollars overnight. But the possibility of saving to become a millionaire may be an attainable goal.
If you start young, becoming a millionaire is easier than you think. The reason for this is the time value of money. What this means is the longer you invest the longer your investments have to grow and compound in value. This means you will need to need to deposit less than someone older to get your million!
If you are older
All is not lost if you are older, however you will have to save more and perhaps make some sacrifices along the way. I know it can be done as I did not start until I was 38. You will just have to save more or perhaps work longer.
How can you do it?
Whether you are 25 and starting from scratch or 45 and feeling a bit behind, with sound strategies in place, the goal may be more achievable than you think. Two things are key: a budget and a savings plan that includes paying yourself first don’t let it be ‘whatever is leftover’. Many today have made millionaire status through hard work and savings. Start early if you can, but start no matter what, the sooner the better.
Find out how much you need to save
On my website are some calculators to play with to see how much you personally need to save. Click here to access the calculators. One is really simple, just put in the starting amount, monthly deposits, how long you intend to save, and the rate of return you expect to make. The other two calculators work in tandem; one is a budget calculator so you can see what you need. The other is to help you see how much you need to save to get what you need. If you need help, click here http://www.cathystanton.com/contact and I will be happy to provide assistance.
Do you need a million?
Next question is do you really need a million dollars? I have done many plans over the years and not very many people actually need a million, but some do. This is where an advisor/planner is invaluable. She/he can help you set objectives, prioritize what is most important, determine what strategies you need to follow, recommend appropriate solutions, and monitor your progress, recommending changes as required.
Again I will say it, don’t wait, start as soon as possible. If you are already saving find out if it is enough, if not get started. Don’t let low markets scare you into waiting. Everything is on sale right now, which as you know is the best time to buy anything.