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(Solved) Who wants to be a millionaire?? I know I wouldn't mind. What would you have to do to be a millionaire and retire at 65?


Who wants to be a millionaire?? I know I wouldn't mind. What would you have to do to be a millionaire and retire at 65? How much would you need to put away each month (remember to calculate using months, not years) if you started when you were 18? How much if you start now? How about if you had quite a bit of fun, spent all of your money and didn't start until you were 50? Let's be generous and say we can average 7% in our investments. Use the Excel or formula tools to calculate these three options. Show your formula/work, please.

and 

How much would you have at age 65 if you started saving $50 a month at age 18? How about if you started saving $50 a month now? And again, if you waited until age 50? Again, lets say we can average 7% for a return.

This is interesting to see. If you don't want to give away your age :) you can use 35 for a nice middle number - but it's more fun to see your actual results. Again, post your formulas/show your work.

 


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