How long would it take to make a Million Dollars?

[contextual staff]

Let's suppose you work a 40 hour week and there are 4 weeks in a month.

How long would it take you to earn a Million dollars?

$10 an hour - 52 years
$20 an hour - 26 years
$50 an hour - 10 years
$100 an hour - 5 years

Of course this doesn't take into account holidays, additional days in a month, taxation, living expenses, and the like.

But what is does say is my dreams of becoming a millionaire have just been shattered!

[joe-d]

Don't lose hope bro....

God create the lottery for mankind's hope in getting a million dollars.

[CapsLOCK]

$20 an hour - 26 years

Good idea. I have to say my son to work over. to be a millionere.

[skysoldier]

Just join the lottery and lets be millionaires! he.... he...

Goodlouck to you all!

[doctornuke]

My son of grandson should be the man who use that money ,ha ha....

[suzjor]

Originally Posted by seda

But what is does say is my dreams of becoming a millionaire have just been shattered!

yeah...a little disheartening but I won't give up!

[ewomack]

And with net present value the million you make after 26 years at $20 an hour will probably have the spending power of $500,000. Money sucks.

[Tinien]

My salary is about 3,5$ per hour How long would it take to earn a Million dollars?

[James Trotta]

What matters is what you do with the money after you get it. How much do you invest? How much do you spend on fancy cars and coffee?

[budin]

dang..52 years is a long hard time to me

[Jesse Vlasveld]

Originally Posted by James Trotta

What matters is what you do with the money after you get it. How much do you invest? How much do you spend on fancy cars and coffee?

Everyone should think as realistic as you.

In my opinion, if you really want to reach something, and you work really hard to get there. You will get there eventually.
But do it with joy and passion. If you don't it will be a long way to go for sure.

[G10]

Sometimes, chasing a future goal can make us forget about the present.

If it's your goal to get the money, great. If it's not your goal and you are still happy, great also

btw - That shouldn't take long at all ;-)

[Brian]

Originally Posted by James Trotta

What matters is what you do with the money after you get it. How much do you invest? How much do you spend on fancy cars and coffee?

Now that in 1 month I will be totally on my own and independent, this has been at the forefront on my mind. I watch my spending so much now. All through high school I'd get a weekly paycheck and every week I'd spend so much useless money - sometimes as much as $300!! I've taught myself a lot - so much to the point that in the past 2 and 1/2 months I've only spent a little over $100 on "play" things - things that weren't necessary. It's a bullet to bite at first, but really it gives you a little smile and makes you think, "hey, i'm accomplishing something. i'm proving myself. i can do this."

[richrf]

Hi,

I know at least two people who achieved this goal, and it was done via a pretty straight forward strategiy:

1) Save. Money grows via the magic of compounding index. Saving $8000 a year every year for 40 years will yield a million dollars. Change it to $12000 and you get there in 32 years. Certainly well within the means of a person or couple with a reasonable income and who have somehow managed to get beyond the propensity to "consume".

2) Avoid undo risk that puts principle at jeopardy. Warren Buffet wrote that one of his secrets was to minimize risk to principle. Lots of my friends were temporary millionaires during the Internet boom only to see all of their money evaporate literally within months. Nowadays, some of my friends speculated on real estate only to find themselves with rising mortgage costs, no buyers, and a steadily declining savings as they seek to avoid foreclosure. It is important to learn to avoid the latest "fads" (where only the broker ends up making tons of money), and focus on accumulating savings.

3) Don't get greedy. Only greedy people end up losing it all.

Good luck!

[ToddW]

I think the whole save $12,000 a year so you are a millionaire when you are 60 and retire is stupid. (unless that 12k/year is nothing to you)

I'd rather save less and enjoy life now while I'm young and can do tons of things.

I'm not saying not to save I'm just saying don't save it all in hopes of being rich one day and then come to realize you are to old to enjoy it to the fullest.

Brian- Welcome to the world of bills and responsibility. It's crazy how "easy" life is when you are in highschool and in college for al ot of people. You have little to no bills.

[francesca_l0uise]

i think it will depend on the effort and on the kind of your work.
I just hope i can have that amount in time

[Brian]

Originally Posted by ToddW

Brian- Welcome to the world of bills and responsibility. It's crazy how "easy" life is when you are in highschool and in college for al ot of people. You have little to no bills.

I like it so far. A little more stress, but the independence is awesome as is the experimenting of methods to become successful. Being on your own gives you a push to get something done. I've always needed that push

[Qurratulain]

26 years to go.......OMG!

[ewomack]

Invest. Pray.

You might make it then.

Or you can adjust your lifestyle, stop trying to outdo others, and be happy with what you have and what you are. Reality: Ow! Ignore the ads and the magazines that suck you into "the dream." The dream is a scam. Most people lose. Eat your credit cards: they don't represent real money. Live within your means and save at least 10% for contingencies. Apart from those that find oil in their backyards (unlikely, they've looked everywhere), most of us won't ever see $1,000,000 in true wealth. Deal with it. Find realistic ways to satisfy your selfish and greedy human nature. Then sit back and laugh at the absurdity of it all.

[Domestic Diva]

Originally Posted by G10

Sometimes, chasing a future goal can make us forget about the present.

You know, that's one of the best things I've read in here. Very profound. Many should pay heed.

I'd green you if I could.