SO YOU WANT TO BE A MILLIONAIRE
by Garrison "Garry" Minstone

Have you ever wondered what it would take to be a millionaire? Most of us have. That is most of us except those who have actually become millionaires. They didn't wonder -- they did. But just for a minute, lets knock around some figures and see what it would actually take in terms of money investment to become a millionaire.

Let's assume that your age today is 45 years and you want to be a millionaire by the time you reach your 75th birthday, providing you do reach it. Your original investment is $1,000, and you are lucky enough to see a return on it of 10% and you save annually $500 and you pay a federal tax rate of 28% and inflation steadily rises by 2% per year.

Given all those conditions, you will reach your target at the age of 114. At that time $1,000,000.00 will be worth approximately $256,166.39 (adjusted for cost of living changes and inflation) compared to today.

So that means that in order to reach $1,000,000.00 goal by the time you are 75, you will need to change your current investment to $117,690.20 or change your annual savings payment to $9,448.96 or invest with a return rate of 28.2%.

For the Here n' Now, isn't that an interesting mind twister?