I got bored and tried to figure out if I could ever become a millionaire… guess what? It’s not going to happen. The Bank of NH has this cool little link about investing and given how much you put in it calculates how long it will take for you to be a millionaire. Check out what it said to me:
“If you invest $1,000 now and $100 monthly at 6 percent , you’ll be a millionaire in 93 years at age 114.
To be a millionaire at age 65, you’ll need to:
Increase the amount you invest now to $173,791, or
Increase your monthly investment to $748, or
Achieve a rate of return of 17 percent if you pay tax on earnings or 10 percent if you don’t.
When adjusted for inflation, $1 million in 93 years would be equivalent to $61,635 today.”
Huzah! When I’m 114 I can finally be finacially secure. Hehehe. I guess it’s not gonna happen huh? Oh well. Guess I’ll have to do it the old fashion way… scratch tickets here I come.
Current Mood: Sarcastic
Current Tunes: Depeche Mode – I feel loved (Danny Tenaglia edit)