Starting to Invest in 2024? Here's How Much You'll Need to Become a Millionaire in 30 Years (2024)

Becoming a millionaire can provide a lot of financial security. And it's not an unreasonable goal for most people, even though it may feel as if it is. The reality is, if you have a long investing timeline and you make smart investments in your brokerage account, you can eventually end up with seven figures.

If you're getting started investing this year and you're hoping to hit your millionaire target in 30 years, here's how much you'd need to invest on a regular basis to end up hitting your goal.

This is what you'd need to invest to become a millionaire in 30 years time

Many people can expect to earn around a 10% average annual return over the long haul if they make reasonable investments.

In fact, you don't need to be a skilled investor to do that, as you can put your money into a financial index called the S&P 500 that has consistently produced 10% average annual returns for decades. The S&P 500 tracks the performance of around 500 large U.S. companies, and is a pretty safe investment as long as you leave your money alone for the long term.

Assuming that you can earn this 10% average return over your investing career, if you are getting started investing this year and you want to become a millionaire in 30 years, you would need to invest $506.60 per month.

This amount may seem like a lot, but it may actually be pretty doable for many people. The Bureau of Labor Statistics reported that median weekly earnings for full-time workers was $1,118 in the third quarter of 2023. With an annual salary of around $58,136.00, the average American could hit the goal of contributing the required $506.60 per month if they were investing a little over 10% of their income. And since many people get employer matching funds if they invest in a 401(k), they wouldn't even necessarily need to come up with the full $506.60 on their own, as their company could help them out.

Of course, some people earn less than average, and finding $506.60 per month will undoubtedly be harder for them -- or perhaps even impossible. But they should still save what they can while working toward increasing income and investing more later in life.

And those who are starting to invest late will need to put aside a larger sum each month in order to become a millionaire if they don't have 30 years. If you have just 15 years until you want to achieve millionaire status, you'd need to invest $2,622.80 per month. This amount is a lot higher because you aren't benefiting as much from the long window of compound growth that happens when your investments earn returns that are reinvested and earn returns of their own.

How to make sure you hit your target

If you are serious about wanting to become a millionaire in 30 years and you're starting to invest in 2024, the best way to make sure you end up with a seven-figure nest egg is to set up automatic transfers from your checking account to your brokerage firm or to have money taken out of your paychecks and put into your 401(k).

You can sign up for a 401(k) right now by asking your employer how to do it. If you have access to this workplace plan, you may be entitled to matching contributions made from your employer as well as tax breaks. And the money you're contributing can be taken from your pay even before you get a paycheck or direct deposit. If you don't have a 401(k), on the other hand, it's pretty easy to set up automatic contributions to an IRA or other retirement account through your bank or broker.

If you have $506.60 transferred into your account every month, invest your money, and leave it alone for 30 years, you may just find yourself a millionaire at that time. So start investing today -- and dream of what your millionaire lifestyle will look like.

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Starting to Invest in 2024? Here's How Much You'll Need to Become a Millionaire in 30 Years (2024)

FAQs

Starting to Invest in 2024? Here's How Much You'll Need to Become a Millionaire in 30 Years? ›

Assuming that you can earn this 10% average return over your investing career, if you are getting started investing this year and you want to become a millionaire in 30 years, you would need to invest $506.60 per month. This amount may seem like a lot, but it may actually be pretty doable for many people.

How much to be rich in 2024? ›

To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more. These figures underscore the subjective nature of financial classifications across different thresholds of wealth.

How to get millionaire in 2024? ›

10 Simple Tips To Achieve Millionaire Status in 2024
  1. Start By Paying Yourself First. ...
  2. Automate Your Savings and Investments. ...
  3. Live Below Your Means. ...
  4. Increase Your Income Streams. ...
  5. Maximize Your Retirement Savings. ...
  6. Have Proper Insurance in Place. ...
  7. Create a Comprehensive Risk Management Plan for Your Business.
5 days ago

How to make 1 million dollars in 2024? ›

15 Ways to Make a Million Dollars
  1. Build an Online Business. Starting your own business is probably the fastest way to make a million dollars. ...
  2. Start a Side Hustle. ...
  3. Invest in Real Estate. ...
  4. Sell Online Courses. ...
  5. Start Freelancing. ...
  6. Sell eCommerce Products. ...
  7. Become an Influencer. ...
  8. Try Coaching or Consulting.
Apr 10, 2024

How much do I need to invest to have 1 million dollars in 15 years? ›

But in order to be a millionaire via investing in 15 years, you'd only have to invest $43,000 per year (assuming a 6% real rate of return, which accounts for inflation). I know, I know – only $43,000 per year. No big deal. *From this point forward, the average real rate of return we'll be assuming is 6%.

Who is richest person in 2024? ›

Forbes Richest List 2024: Bernard Arnault retains title as World's richest person with $233 bn fortune; Report records 2781 billionaires worldwide. FILE PHOTO: Bernard Arnault, chairman and CEO of global luxury goods company LVMH.

How much does Elon Musk pay into social security? ›

For 2024, the cut-off is $168,600, and capital gains—such as stock appreciation—are not subject to the payroll levy at all. Elon Musk, the CEO of Tesla and the world's richest man, pays nothing into Social Security because he doesn't take a salary .

Can you get rich just by saving? ›

A savings account won't do much to help you grow your net worth. Investing in tax-advantaged accounts can go a long way toward helping you save the money you need to be wealthy. You should take advantage of 401(k) and IRA accounts and buy assets that will help you earn generous returns.

How to get rich from scratch? ›

How To Get Rich
  1. Start saving early.
  2. Avoid unnecessary spending and debt.
  3. Save 15% or more of every paycheck.
  4. Increase the money that you earn.
  5. Resist the desire to spend more as you make more money.
  6. Work with a financial professional with the expertise and experience to keep you on track.
Apr 11, 2024

What is the best job to become a millionaire? ›

10 high-paying jobs
  1. Pilot. ...
  2. Actuary. ...
  3. Computer network architect. ...
  4. Air traffic controller. ...
  5. Petroleum engineer. ...
  6. Lawyer. ...
  7. Physicist. ...
  8. Computer and information systems manager.
Apr 18, 2024

How long will it take to turn 500k into $1 million? ›

If invested with an average annual return of 7%, it would take around 15 years to turn 500k into $1 million.

Can I live off interest on a million dollars? ›

Once you have $1 million in assets, you can look seriously at living entirely off the returns of a portfolio. After all, the S&P 500 alone averages 10% returns per year. Setting aside taxes and down-year investment portfolio management, a $1 million index fund could provide $100,000 annually.

How do I turn $100000 into $1 million? ›

There are two approaches you could take. The first is increasing the amount you invest monthly. Bumping up your monthly contributions to $200 would put you over the $1 million mark. The other option would be to try to exceed a 7% annual return with your investments.

How much do I need to invest to be a millionaire in 30 years? ›

Assuming that you can earn this 10% average return over your investing career, if you are getting started investing this year and you want to become a millionaire in 30 years, you would need to invest $506.60 per month. This amount may seem like a lot, but it may actually be pretty doable for many people.

How much to invest per month to be a millionaire in 20 years? ›

Given an average 10% rate of return on the S&P 500, you need to save about $1,400 per month in order to save up $1 million over 20 years. That's a lot of money, but the good news is that changing the variables even a little bit can make a big difference.

How much to invest in the S&P 500 to be a millionaire? ›

For example, if you are able to commit to investing $500 a month in an S&P 500 index fund like the Vanguard 500 Fund (NYSEMKT: VOO), you'll eventually have $1 million, and that includes paying the 0.03% expense ratio in the ETF, meaning you'll pay 3 cents each year for every $100 you have invested in the index fund.

What is considered upper class 2024 in the USA? ›

How much does an Upper Class make? As of May 18, 2024, the average annual pay for the Upper Class jobs category in the United States is $59,699 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.70 an hour. This is the equivalent of $1,148/week or $4,974/month.

How many millionaires are in the US in 2024? ›

Download Table Data
Country# of Millionaires (thousands)# of Working Age Adults (thousands)
United States24,480251,779
China6,1901,110,504
Japan3,366104,763
United Kingdom2,84952,562
42 more rows

How much is America worth in 2024? ›

According to the 2024 USA Wealth Report published by Henley & Partners in partnership with New World Wealth, America accounts for 32% of global liquid investable wealth — a colossal USD 67 trillion.

At what salary are you considered rich? ›

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

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