But what if you want to speed up the process and reach that milestone in the next 10 years? It could be possible, if you're willing to work for it — and put away more each month than many Americans have in a financial account, total.
Using CNN Money's millionaire calculator, CNBC Make It found how much you'd have to save each month to become a millionaire by 2028.
Assuming that you're starting with no savings and earning a six percent annual rate of return, you'd have to invest $6,000 a month to become a millionaire by July 2028.
If you already have $10,000 saved up, it won't make much difference. You'll still need to put away $6,000 a month, but you'll reach millionaire status by May of that year.
Even a full $50,000 in savings doesn't change things too much: You'd still have to put away $5,500 per month until June 2028 to become a millionaire.
These differences speak to the power of compound interest, the process by which any interest earned accrues interest on itself, and a little money invested now can amount to a lot of money later. Letting your money compound for 10 years won't create the same returns as letting it sit for 30 or 40.
Of course, saving hundreds or thousands a month is an ambitious goal. Even $6,000 a year is more than most Americans can manage. But getting into the habit of saving any amount will be great for you in the long run.
Here are a few simple, low-stress ways to start investing:
This is an updated version of a previously published article.
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