Compound growth makes the last part of the journey much faster than the first: at 7% a year, money doubles about every 10 years. Starting early is the single biggest advantage.
How to use the Millionaire Calculator
- Target
- Current savings
- Contribution
- Contribution frequency
- Annual return
- Compounding frequency
- Inflation
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter your target, current savings, regular contribution and its frequency, expected return, compounding and inflation.
Tips
- Use your real spending from bank statements rather than guesses.
- Automate savings so they happen before you spend.
- Revisit your plan once a year or after any big life change.
- Keep an emergency fund before investing for long-term goals.
Common mistakes to avoid
- Underestimating irregular expenses such as car repairs, gifts and annual bills.
- Ignoring inflation for long-term goals.
- Taking on high-interest debt to fund wants.
Inputs explained
| Field | What to enter |
|---|---|
| Target | Amount in your currency |
| Current savings | Amount in your currency |
| Contribution | Amount in your currency |
| Contribution frequency | Choose one: Monthly, Semi-monthly, Bi-weekly, Weekly … |
| Annual return | In % |
| Compounding frequency | Choose one: Yearly, Semi-annually, Quarterly, Monthly … |
| Inflation | In % |
What each result means
- Years to reach the target = [Number of contributions]÷[Contribution frequency]
- Total contributions = [Current savings] + [Contribution]×[Number of contributions]
- Investment growth = [Target] – [Total contributions]
- Target in today’s money = [Target]÷(1 + [Inflation]÷100)^[Years to reach the target]
Example values
How the main result changes when Target changes and everything else stays at the example values above:
| Target | Years to reach the target |
|---|---|
| 500,000 | 24.5 |
| 750,000 | 29.6 |
| 1,000,000 | 33.4 |
| 1,250,000 | 36.3 |
| 1,500,000 | 38.8 |
| 2,000,000 | 42.7 |
Formula
Rate per deposit period i = (1 + r ÷ m)^(m ÷ p) − 1Time to target = log((target + d/i) ÷ (savings + d/i)) ÷ log(1 + i) periodsReal value = target ÷ (1 + inflation)^yearsWorked example
Inputs — Target: $1,000,000; Current savings: $20,000; Contribution: $500; Contribution frequency: Monthly; Annual return: 7 %; Compounding frequency: Monthly; Inflation: 3 %.
Results — Number of contributions = 400; Years to reach the target = 33.4; Total contributions = $220,232.04; Investment growth = $779,767.96; Target in today's money = $372,903.16.
Frequently asked questions
How long does it take to save $1 million?
At $500 a month and 7%, about 36 years from scratch; less with more savings.
How much do I need to invest monthly to be a millionaire in 30 years?
About $820 a month at 7% a year.
Is $1 million enough to retire?
At a 4% withdrawal it supports about $40,000 a year.
What formula does the Millionaire Calculator use?
Rate per deposit period i = (1 + r ÷ m)^(m ÷ p) − 1.