Become a Millionaire

So in college I once had a Finance teacher Denise, who gave us an equation to becoming a millionaire by the time you retired. I have been searching the internet to find this equation, but right now I'm empty handed. It went something like this though...

Around the age of 22 if you contribute $2,000 every year for eight years you will have close to a millionair dollars by the time you’re at retirement age. If I could find the equation I could give more specifics on interest rates and so on. The reason this is because the sooner you save money the more interest you will make over time and then you can make interest on that interest. Compound Interest if you would like.

I did find an article online that has a similar equation: How To Become A Millionaire (In 6 Easy Steps!)


I'm happy to say that I'm on track and have contributed more then the equation states. How I look at it is... I would rather live comfortably now, but not splurge. This way when I retire I don't have to worry about $$. Some people say live now... what happens if something happens to you. If something happens to me that is the way things go and the money I have will be given to my children and/or spouse and then they can use it as they like. I would rather have no worries and not have to work at retirement age.

Whatever you decide to do saving now, saving later, just make sure you make it a point to save something for retirement.