How to save a million dollars
Saving alone is slow. Saving and investing together is how it's done.
Your money should work harder for you than you work for it!
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Saving a million in cash alone would take $1,000 a month for over 83 years. Investing what you save changes everything: at a tested 7% return, $1,000 a month reaches $1 million in about 27 and a half years, and $2,000 a month in about 19 and a half years.
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Why cash alone won't get there
Money in a basic savings account barely grows. To reach a million you need growth, which means investing for the long run.
How long it takes at different amounts
At a tested 7% return from zero: $500 a month takes about 36 years, $1,500 about 23 years, $3,000 about 15 and a half years.
Make saving automatic
Send money to savings and investments on payday. What you never see you never spend.
Find more to save
Cut bills you don't use, shop around for insurance and phone plans, and send every raise and side income straight to investing.
| Topic | Short answer |
|---|---|
| Why cash alone won't get there | Money in a basic savings account barely grows. |
| How long it takes at different amounts | At a tested 7% return from zero: $500 a month takes about 36 years, $1,500 about 23 years, $3,000 about 15 and a half years. |
| Make saving automatic | Send money to savings and investments on payday. |
| Find more to save | Cut bills you don't use, shop around for insurance and phone plans, and send every raise and side income straight to investing. |
Ready to start? Our free guide on letting AI trade for you walks you through it step by step, and our millionaire guides cover the rest of this topic.
Questions people ask
How long will it take to save a million dollars?
With $1,000 a month invested at a tested 7%, about 27 and a half years. With cash alone, over 80 years.
How much do I need to save to have a million?
About $820 a month for 30 years at a tested 7% return from zero.
Is a high yield savings account enough?
It's great for an emergency fund but usually too slow for a million.
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