There are reportedly approximately 3.5 million households out of 100 million households in the United States with a net worth of over $1 Million.  To be a millionaire means having a net worth of over $1,000,000 and to become a millionaire is a milestone of financial success, if not an outright objective.  (We will save the fact that with inflation, it’s becoming less impactful to become a millionaire and we’ll address that in another BLOG day.  The purchasing power of a million dollars in 1959 would equal closer to $8 Million today.)  Having a million dollars of net worth is symbolically equal to financial freedom… the freedom to live life as you choose and on your terms.

So the question is… How long does it take to save $1 Million?

Looking at the chart below shows you how many years it will take to save $1 Million based on your monthly savings amount and annual rate of return.  For example, if you are saving $1,000 per month and are earning an 8% return, you will become a millionaire in 25.5 years.  If you’re saving $100 per month in a savings account earning 2% per year, then it will take two lifetimes (143.6 years) to save $1,000,000.  Wow.


How long it takes to save $1,000,000

Here is what you need to know about becoming a millionaire:

Building wealth takes focus and commitment.  To reach a critical mass of wealth requires living below your means and maximizing your savings and investment.  When your earnings go up, you’ll reach your investment goals by investing the extra money instead of improving your standard of living.  Our culture is built around instant gratification and building wealth is based on delayed gratification and so to be successful, you must make a conscious decision to do things differently than the average person.

Time is of the essence.  Albert Einstein called compound interest the “eighth wonder of the world.”  Compounding is the magic that allows wealth to build wealth.  That said, it takes time for compounding to have a significant effect.  To be successful in your investment plan, START NOW.  Not tomorrow.  Not when you get your next raise.  Not when your car is paid off.  RIGHT NOW.  If you want to achieve your financial goals in your lifetime, starting tomorrow is too late.

You probably need to change some things.  The deck is stacked against you.  This is a tough pill to swallow, but look at the numbers on the chart and let’s get real.  Can you start saving $1000 per month TODAY?  If you are like most people, your lifestyle is most likely consuming the bulk of your earnings and will require substantial changes to put away significant sums of money.  And then, how would you go about earning a consistent 10% to 12% per year?  To save and invest large amounts of money and earn necessary rates of return may require strategies that you are not currently employing such as investing in real estate, starting a second job, or creating a side business.  You may need to learn new skills to achieve your goals.  The reason I state that the deck is stacked against you is that if you think you can do this easily, you most likely won’t take the necessary steps to accomplish your goals.  Reaching your goals is 100% doable but most often requires a shift in mindset and some serious hard work. The often repeated definition of insanity is doing the same thing and expecting a different result.  If you’re not currently on track to reach your goals, do something different.

You can do it if you stay positive and work hard.  You get what you expect.  Surround yourself with positive minded people with similar goals and objectives.  (Stay away from the people with “stinkin thinkin”.  Their negative thinking is contagious, just like the positive people.)  Fill your mind with positive thoughts and be open to new possibilities.  Work hard and work smart.  If you are employed, find ways to bring more value to your employer in the form of increased revenues or decreased expenses and find ways to share in the increased value.  Be a continuous learner so that you may deliver more and more value to your customers and your employer.  You must always be pushing forward and moving up.  Don’t be afraid to ask for guidance from individuals who can mentor and help you.

Start with a plan.  Try to drive from Virginia Beach to San Francisco without a roadmap or GPS.  You may get there… eventually.  If you want to get there faster, though, you need a roadmap and a plan.  Financial success is no different.  To get from where you are to where you want to be requires a well thought out plan.  First, figure out where you are.  Next, determine your objective.  Then calculate the difference and put a plan together to fill the gap.  There are a plethora of books, videos, and courses on how to do this on your own.  Alternatively, you can work with a professional to build a plan with you.  Time is of the essence so start today.  Looking at the chart, that’s the most important lesson of all.

Wishing you much financial success!


Richard Braun, CFP, LUTCF



Richard is the only Nationwide Agency owner in Hampton Roads who is a Certified Financial Planner and whose agency incorporates a holistic, systematic approach with our clients. Richard also volunteers as an instructor for Bank On Virginia Beach which provides free, basic financial education and coaching to residents of Hampton Roads.

The Braun Agency’s mission is to get you from where you are to where you want to be, by helping you build your plan, achieve your plan, and protect your plan from uncontrollable events. In the process, we are committed to delivering to you the best financial products and services in the industry in a manner that exceeds your expectations.  The Braun Agency serves thousands of households and small businesses in Virginia Beach, Norfolk, Chesapeake, Hampton, Newport News, Portsmouth, Suffolk and surrounding areas.  To see what we can do for you, contact us.



The Braun Agency’s mission is to help you get from where you are to where you want to be financially by planning, achieving your plan and protecting your plan from unexpected events.  In the process, our goal is to deliver insurance services in a manner that exceeds your expectations.  See what The Braun Agency can do for you today. Give us a call at 757-452-4563 to speak with one of the licensed, professional members of our team or request a contact here. The Braun Agency. We’re on YOUR side. 757-INSURANCE.