By investing $1,000 per month with a 10% average annual return, you can reach $1 million in roughly 17 years.
The more you're able to invest each month, the faster your money will grow. But in general, by making additional contributions each month, you'll earn more over time - and it will take fewer years to reach $1 million. If you're earning a 10% average annual return and investing $400 per month, you'd be able to go from $100,000 to $1 million in savings in just over 20 years.Īgain, if your actual average returns are higher or lower than 10% per year, that will affect your timeline.
