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.