Many people said that “money can’t buy happiness”, but no doubt that money can solve more than 90 percent of the world’s problem. That is why money is so important and almost all of us wants to be a millionaire. But the question is when it will happen? Well, you can try the financial calculator below with these very simple tips;
1. Enter your Current Savings.
2. Check your monthly budget and determine how much you can save in a month, enter this amount as your Monthly Deposits.
3. In the Rate of Return field, enter a number corresponding to the interest rate that your savings bank is giving you. Alternatively, you can enter the growth rate of a specific financial instrument that you plan to invest in.
4. Enter Your Current Age and click ‘Calculate’ to compute how long it will take for you to become a millionaire.
Here’s the financial calculator and give it a try!
So what can we learn from this financial calculator? Well, we can learn that there is a chance for all of us to become a millionaire at a certain age if we keep on working and saving money with interest! By estimating our financial status and using this simple tool, we can have an idea how far or near we are to becoming a millionaire.
Let us learn from the example below of Fitz Villafuerte, author of this financial calculator;
Assume that you are a 21-year old college graduate with no savings but is about to start on a job that pays P15,000 a month.
If you diligently pay yourself 10%, meaning you save P1,500 each month, and continually invest that money on an instrument that gives 5% monthly rate of return; then you’ll be a millionaire by age 47.
Now that seems to be a long time to wait. But simply increase your monthly deposits by P500 and you’ll become a millionaire four years earlier at the age of 43.
So with the use of that calculator, you have an idea now when will you become a millionaire. Yes, it may be far from now, but it is possible! We also know that even with little savings we can achieve that millionaire goal over the years.