How long does it take to become a millionaire?
It comes down to three things: what you start with, what you add each month, and the return you earn. Time does a lot of the work because growth builds on itself. Here is how long it takes from zero:
| Invest each month | At 7% a year | At 10% a year |
|---|---|---|
| $100 | 58 yrs 7 mo | 44 yrs 7 mo |
| $250 | 45 yrs 9 mo | 35 yrs 7 mo |
| $500 | 36 yrs 5 mo | 28 yrs 11 mo |
| $1,000 | 27 yrs 7 mo | 22 yrs 6 mo |
| $1,500 | 22 yrs 9 mo | 18 yrs 11 mo |
| $2,000 | 19 yrs 7 mo | 16 yrs 6 mo |
| $3,000 | 15 yrs 6 mo | 13 yrs 5 mo |
| $5,000 | 11 yrs 1 mo | 9 yrs 11 mo |
How much do I need to save a month to become a millionaire?
Flip the question and pick a deadline. Starting from zero, this is the monthly amount it takes to reach $1 million:
| Years to get there | At 7% a year | At 10% a year |
|---|---|---|
| 5 years | $13,968 | $12,914 |
| 10 years | $5,778 | $4,882 |
| 15 years | $3,155 | $2,413 |
| 20 years | $1,920 | $1,317 |
| 25 years | $1,234 | $754 |
| 30 years | $820 | $442 |
| 35 years | $555 | $263 |
| 40 years | $381 | $158 |
Use the "How much a month?" tab above to plug in your own savings and target year.
How to become a millionaire
Most people who get there do it the plain way. No secret, just a few habits kept up for a long time:
- Spend less than you earn. The gap is the fuel. Cutting bills with a save money checklist frees up cash to invest.
- Invest the gap every month. Set it to happen on payday so you never see the money.
- Keep fees low. A 1 percent fee can eat a big slice of a 30 year result.
- Add income streams. The monthly amount is the biggest lever you control. Side income and passive income ideas can push it up.
- Give it time. Starting 10 years earlier often matters more than finding a higher return.
Can you become a millionaire in 10 years? What about 5?
From zero at a tested 7 percent return, 10 years takes about $5,778 a month and 5 years takes about $13,968 a month. For most people a short timeline means growing income, not just saving harder. That is why we focus on building extra income streams first.
Millionaire math: why time does most of the work
Investing $500 a month for 30 years at 7 percent grows to about $610,000, even though you only put in $180,000. Investing $1,000 a month for 20 years at 7 percent grows to about $521,000 from $240,000 put in. Growth on top of growth is what makes the last years of the table jump so fast.
What return should I test?
Try a few, like 4, 7 and 10 percent, to see a cautious, middle and hopeful path. Past returns do not promise future ones. This calculator is a planning tool, not financial advice.
Is $1 million enough to quit your job?
It depends on what your life costs. Find your real number from your own bills with the quit your job calculator. You may need less than a million to walk away.
More millionaire guides
How to become a millionaire · Starting with no money · In 10 years · In 5 years · In one year? · Fastest way · Multi millionaire · Will you become one? · How to save a million · Millionaire by age