To reach your goal of $1 million in 7-10 years, it’s important to determine how much money you need to save per month.
Assuming you’re putting your money into a high-yield savings account with an average annual percentage yield (APY) of 1.10%, here are some examples of how much you’ll need to save per month based on different rates of return:
Save approximately $7,200 per month.
Save approximately $6,500 per month.
Save approximately $5,900 per month with a 7% return.
Save approximately $5,000 per month with a 10% return.
Please note that these numbers are estimates based on potential returns on your investments. The market can fluctuate significantly, so it’s important to maximize your savings every month if you want to reach $1 million as quickly as possible.
Remember that saving and investing require careful planning and consideration. It may be beneficial to work with a financial advisor who can help manage your assets for the future.
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