How long does it take to become a millionaire?

For as long as I can remember, I’ve always had a fascination with business and all things financial. As a kid growing up on a farm, I had a front row seat of how my dad handled voluminous business transactions. There was a distinct and predictable pattern of actions that my dad would take. First, we’d work like slaves (a teenager’s perspective) to grow the crops. Then, he would hire people to help us harvest the crops. Next, we’d go sell the harvest at the market for cash. Lastly, we stop at the bank and deposit the loot (my favorite).

Make no mistake about it, farming is hard work but that experience was foundational in who I am today.  Although I chose not to take on the farming business, I did take the spirit of entrepreneurship and have applied many of the business aspects I witnessed on the farm.

Millionaire CalculationLong before becoming a millionaire, I use to spend hours playing with my financial calculator, where I would run different scenarios that would get me to a million dollars. Of course, this was long before the days of the world wide web. In retrospect, what seemed to be a trivial exercise and mostly just dreaming big was the mindset transformation required to attract wealth.

So here I am, playing with calculators again. This time, it’s one of many financial projection calculators available on the internet. So, can I hit my goal in 25 years? According to the caluculator, I need to save $10,000/month and get a 20% annual return on my investment. Yes, that’s a bit aggressive but can you really tell the difference between $50M and $100M? I’ll let you know when I get there.

The following link will get you to the millionaire calculator that I used to to make this projection. Go ahead, dream big. Be aggressive. Plant the seed.  Most importantly, show it to your kids and allow them to develop their own dream of becoming a millionaire.

http://www.bankrate.com/calculators/savings/save-million-calculator.aspx

Best of luck,

~H2

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