How to Save a Million Dollars

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Here we have how to save a million dollars using Dinkytown’s Future Value Calculator. All of these scenarios use 5% interest compounded monthly with weekly deposits. What changes are the amounts of the initial and weekly deposits.

Time: 40 years, initial deposit: $190, weekly deposit: $150, Future Value: $1,000,006

Time: 30 years, initial deposit: $373, weekly deposit: $275, Future Value: $1,000,004

Time: 20 years, initial deposit: $533, weekly deposit: $557, Future Value: $1,000,001

Time: 10 years, initial deposit: $1981, weekly deposit: $1472, Future Value: $1,000,000

Naturally the future value will change if you change the other numbers but this is a good baseline to start with. The trick is to find a good solid investment that’s going to give you that return on a consistent basis. That’s where your Community Financial Institution comes in. Generally they have investment advisors that can help.

Once you have the plan all you have to do is save the money.

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