Millionaire Calculator
Calculate how long it takes to save a million dollars with compound interest and periodic deposits
Calculate Your Path to Wealth
Your financial goal (default: $1,000,000)
Money you already have saved
Expected annual return on your investments
How often interest is compounded
Amount you'll add monthly
When deposits are made each period
Inflation Analysis (Optional)
Annual inflation rate to calculate purchasing power
Your Results
Time to Reach Goal
Total Contributions
Inflation Impact
Your $1,000,000 will have the purchasing power of $500,028 in today's dollars
Savings Growth Projection
| Year | Total Value | Contributed | Interest Earned |
|---|---|---|---|
| 0 | $20,000 | $20,000 | $0 |
| 1 | $33,037 | $32,000 | $1,037 |
| 2 | $46,606 | $44,000 | $2,606 |
| 3 | $60,727 | $56,000 | $4,727 |
| 4 | $75,424 | $68,000 | $7,424 |
| 5 | $90,719 | $80,000 | $10,719 |
| 6 | $106,637 | $92,000 | $14,637 |
| 7 | $123,204 | $104,000 | $19,204 |
| 8 | $140,446 | $116,000 | $24,446 |
| 9 | $158,391 | $128,000 | $30,391 |
Showing first 10 years of 30 year projection
Formula Used
Combined Future Value:
FV = PV × (1 + r/n)^(nt) + P × [((1 + r/n)^(nt) - 1) / (r/n)] × (1 + z × r/n)FV: Future Value (target amount)
PV: Present Value (initial savings)
P: Periodic deposits
r: Annual interest rate
n: Compounding frequency
t: Time in years
z: 0 (end) or 1 (beginning)
Millionaire Tips
Start Early
Time is your greatest asset. The earlier you start, the more compound interest works for you.
Consistent Deposits
Regular contributions matter more than large occasional deposits.
Maximize Returns
Higher interest rates dramatically reduce the time to reach your goal.
Consider Inflation
Plan for inflation to maintain purchasing power over time.
Understanding the Millionaire Calculator
How It Works
This calculator uses compound interest formulas to determine how long it takes to reach your financial goals or how much you need to save periodically. It combines the growth of your initial savings with regular deposits.
Compound Interest Power
Compound interest means earning interest on both your principal and previously earned interest. This exponential growth is what makes long-term wealth building possible.
Time Value of Money
Money today is worth more than the same amount in the future due to inflation and opportunity cost. This calculator helps you understand how to make your money work harder over time.
Key Variables
Initial Savings: Your starting amount
Interest Rate: Annual return on investment
Deposits: Regular contributions to savings
Frequency: How often interest compounds
Time: Duration to reach your goal
Tip: Even small increases in interest rate or deposit amount can significantly reduce the time needed to reach your goal. Consider this when choosing investment options.