To accumulate wealth – YOU MUST WORK FOR IT.  Hopes and dreams are NOT a strategy.  

RETIRING AT AGE 55 AND ACCUMULATING $2 MILLION!

THE LESSON – START EARLY!

Below assumes using an S&P 500 ETF averaging ~ eight percent returns.

YOUR AGE	DESIRED AMOUNT AT RETIREMENT	YEARS UNTIL RETIREMENT	MONTHLY SAVINGS
20	$2 MILLION	35	$967
30	$2 MILLION	25	$2,280
40	$2 MILLION	15	$6,138

 

 

CONCLUSION

If $1 Million savings is good, simply divide above numbers by two.  You can significantly lower your monthly savings by working past the 55 year age in the example.  If you start at 20 and retire at 62 years of age, you only need ~$274/month to accumulate $1 Million.  Saving ~$547/month will generate $2 Million.

Majority of you have started saving and can accumulate greater wealth than above examples.  Set your goals in writing for 2020 and make your dreams reality.  

WISHING YOU A HAPPY AND SUCCESSFUL 2020!

 

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ABOUT ME

 

I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger, with a NC State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.

 

I left a corporate career because I had a desire for making a difference as a speaker and writer, to help others. I was blessed to be coached and mentored by strong women and men in both my family and professional life.  It is my time to serve and give back.

DISCLAIMER

I started my first business at ~13 years of age (small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and happy to share my personal finance and investment lessons learned with you.

However, I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog, as recommendations for your personal situation.  For individual finance advice please seek your own licensed CPA or fiduciary financial advisors.  

I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.