How long will it take to save my first million ;)
Total saved: $1,001,852
Starting with $400 and depositing $400 monthly over 87 years and 10 months (at a rate of return 1.7500000000000002% compounded monthly), you will save $1,001,852.
Initial balance:
$400
Total deposits:
$421,600
Total interest earned:
$579,852
Total taxes paid:
$0
Then they're so suprised that people don't save ;) And this saving plan would be highly optimistic for me as it is nearlly half of my wage and when I have kids, a mortage to pay and college expenses I doubt I'll save any ;)
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