How To Go From A Hundred Dollars To A Million! Suze Orman Explains How To Retire As A Millionaire with a Roth IRA
Jun 19, 2023
During her 2018 interview with The Breakfast Club, Orman explained that if you, as a 25-year-old, put $100 each month into a Roth IRA, you could have A MILLION DOLLARS by retirement. But if you wait 10 years to start investing, you’ll end up with only $300,000. Waiting means blowing hundreds of thousands of dollars you could have made by letting that money sit and accumulate interest.
While this example may seem hard to believe, we did the numbers using a Compound Interest Calculator and Orman is spot-on if you assume you’ll earn 12% average annual returns (the average rate is between 7%-10%) …or if you increase the amount during the course of your investing career (instead of $100/month invest $200/month).
Starting at 35? 45? 55? Want to know how long will it take to hit a Million if you invest more (or less) every month?
Check out this Compound Interest and Savings Goal Calculator from Investor.gov Give it a try
π°See how your invested money can grow over time through the power of compound interest
π°Use the savings goal calculator to find out how much you need save to reach a specific amount
Click here to plug in your numbers and see for yourself.
Then come back to this page and watch the full Breakfast Club interview below for more investment tea and financial nuggets:
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