Comments on: Savings Calculator: When Will You Be A Millionaire?

By: Bobby

Bobby — Sat, 19 Sep 2009 04:01:27 +0000

Great tool, though the output is a little depressing. I’m going to double-down on my Lottery ticket purchases every week.

By: mike

mike — Tue, 08 Sep 2009 20:28:26 +0000

Great information. Great blog.

Unfortunately many are still feeling stung by the downturn in the markets, job market and home prices.

The key is behavior …paying off your debt, paying down your mortgage and investing. Keep making the right decisions in these uncertain times.

Warren made his start in the downturn in the mid 70′s. Things recovered then and they will agian.

This too shall pass.

Keep up the great blog.

By: StackingCash

StackingCash — Thu, 27 Aug 2009 23:08:12 +0000

So simple. To bad this calculator is for dreamers. No one can predict one’s rate of return. Don’t people read the disclaimer on investments saying historic performance does not guarantee future performance?

By: Bill

Bill — Wed, 19 Aug 2009 00:51:15 +0000

DavidV,

I’m assuming you purchased your home because you wanted to enjoy the benefits of home ownership and you liked the house you bought. Unless you own an investment property (rental), you should not think of your primary home equity as an active investment from a money growth perspective. It’s really a polar opposite to savings / growth accounts such as GICs, stocks, bonds etc. You can “live” in your home, you can’t live in the others. Up’s or down’s in value aside, you gotta live somewhere. You should however add it when calculating your net worth.

Of course it will appreciate and depreciate from year to year but you’ll only benefit from any gains when you need to sell. The proceeds will probably go towards retirement residence fees lol.

I’d run the calculator without the home equity factored in.

FWIW,

Bill

By: DavidV

DavidV — Tue, 18 Aug 2009 21:03:33 +0000

Two questions:

1) Are people inputting the value of the equity in their homes in this?

2) What are people using as the interest rate?

I tried it with the equity and 6%, as that’s what I remember Buffet saying the markets will likely return, but then I thought I don’t know if my house will go up that much…

By: Phileas

Phileas — Mon, 17 Aug 2009 13:17:40 +0000

Now it’s just a horrible waiting game. Great tool though.

By: Meaghan

Meaghan — Sat, 15 Aug 2009 13:54:45 +0000

Very cool…thanks for sharing this. I think it will help me stay focused on my savings!

By: Sunny

Sunny — Thu, 13 Aug 2009 05:11:57 +0000

This is really fun. Although the taught of reaching 1 million is quite fun, I reduce the amount to 150 000$ (the amount I need to live for dividend just like Derek Foster). I already have 50 000$. I want to retire in 5 years at the year of 34 just like… Derek Foster… lol AND… This is fantastic, at an interest rate of 8% for the next 5 years, if I save 1024,64$ per month, I might be able to do it! THANK YOU Very fun tool! It help to make us believe in the financial freedom dream. If the dream still possible..

By: FupDuckTV

FupDuckTV — Wed, 12 Aug 2009 18:02:11 +0000

Uh oh…. I have to save $152,749.87 a month to reach my $10 Mil goal by age 40. Although, this calculator doesn’t account for the passing of rich relatives…..

By: mbhunter

mbhunter — Wed, 12 Aug 2009 06:26:06 +0000

The way the US is printing money these days, I should be a millionaire by, oh, next week.

Kidding. But inflation has to enter the equation.

$1M in 2035 (about when I’ll be reaching retirement age, God willing) won’t mean much.