What is the Millionaire?
Reaching a million is a function of three things: how much you invest, for how long, and at what return. Time is the most powerful of the three, because compounding accelerates — the last few years contribute far more than the first.
The encouraging part: most of the final amount typically comes from growth, not contributions.
Formula & worked example
Continue until Balance ≥ target
Worked example: starting with 50,000 and investing 2,000 a month at 8% reaches a million in roughly 16.5 years (198 months). You contribute about 446,000 of that — meaning 554,000, over half the total, comes from compound growth alone.
How to use this millionaire calculator
- Set your target — a million, or whatever number matters to you.
- Enter existing savings and what you add monthly.
- Use 6–8% for a diversified portfolio; 4–5% if conservative.
- Compare the table rows to see what raising your contribution achieves.
Smart tips
- Starting ten years earlier typically matters more than doubling your monthly contribution.
- Increase contributions with every raise — that alone can cut years off the timeline.
- Fees compound against you. A 1% higher expense ratio can delay the target by 2–3 years.
- Stay invested through downturns; missing the best few months of a recovery devastates long-run returns.
- A million is not what it once was — check what it buys after inflation over your timeline.
Frequently asked questions
How long does it take to save a million?
At 2,000 a month and 8% returns, roughly 16–17 years from a 50,000 start. Higher contributions or returns shorten it considerably.
How much do I need to invest monthly to reach a million?
Starting from zero at 8%: about 5,500 a month over 10 years, 1,700 over 20 years, or 700 over 30 years.
What return should I assume?
6–8% is realistic for a diversified equity portfolio over decades. Assuming 12% makes the plan look far easier than it is.
Does inflation matter?
Substantially. A million in 20 years buys roughly what 550,000 buys today at 3% inflation. Consider targeting an inflation-adjusted figure.
Want the theory behind the numbers? Read our wealth building guides on the Money Blog.
Written by Gurjeet Singh, Sharpen Solutions. Last reviewed 30 Sep 2026. How we check these numbers.