You need to save $8,334 per month, every month for 10 years. That’s how to save a million dollars in 10 years.
As has been noted, when you ask the question of how to save a million dollars in 10 years, I believe you are looking for one of those two options. The first option would be you are playing around with the numbers you manage to save every month and ask yourself. Could I possibly have a million dollars in 10 years? Or you could be asking yourself “How much money do I need to get there and how could I do it.” Well, I have amazing news for you. I will answer and give the tools for those and more questions you didn’t know you even had! In this post, we will be covering what you need, how you can get there, and even give you a free calculator to add the numbers you have right now or potentially could have! Just play on the calculator and run the options!
How To Save A Million Dollars In 10 Years? Is it possible?
I know what you are thinking, asking yourself: “How to save a million dollars in 10 years? That’s insane, I know people that worked all their lives and they didn’t reach that. What makes me think that I can reach such a high number in 5 times less time?” Confucius ( a great Chinese philosopher) once said: “The Man who says he can, and the man who says he can not… Are both correct” And he is right.
Since many people thought about saving a million dollars in 10 years and did not manage. Certainly, just thinking about it will not help. But there is not one person that didn’t think about it and did it anyway. Zero.
How To Save A Million Dollars In 10 Years? Mindset First A Million Dollars Second
So to start, the first thing that you need to figure out is the core belief you can do it. If you don’t know how to do it you need the belief that you will figure it out. How are you gonna feed this belief? Well, by doing the work. Whatever you do right now. You gonna start doing it with 100% commitment. If you want 1 million dollars you need to work as 1 million dollars and not as min wage. Contrary to popular belief, it’s not enough to ask “How can I save a million dollars in 10 years” and then do nothing?
Show Up And Getting Work Done
In brief, you need to show up to work and get it done. That’s the only way of succeeding. You know, the market is not fair. They overpaid people that get it done every time and they underpaid people that lack work ethics. Life is not fair. Sorry but it’s the truth, the sooner you understand this, the sooner you can use this as your unfair advantage over others.
You Really Want A $1,000,000 Now What?
Now I will give the setup that the person could reach a million dollars in 120 months. First of all, you need to have a schedule. You need to know what you gonna do in one, two, even three weeks from now. And actually follow the things you added to the calendar. Those things need to be clear and broken in 30 min pieces.
How Hard? Very Hard!
We all know how hard we got to work to reach our goals. Now if you have a family and you need to take the kids around, and there is no one to help you will need to work around that. Need to take your kids to school at 7 am? Wake up at 5 am and get work done before that. Kids have soccer practice at 3 pm on Saturday. You might need to miss it if on your schedule you don’t have enough time for work. That’s the unfortunate truth.
When you reach a million dollars net worth at a younger age than let’s say 50, you really had to miss some family time for it. Because it’s just how it works. No way around it. You need to close clients on Saturday or you need to fix something on Sunday, etc. There is no way around it. If you don’t sacrifice those things and did not manage to focus enough time to work. You might end up sacrificing your goal to reach a million dollars. Now if you want to be the family person, that’s alright by me. You need to know exactly what you want. I am just giving you the real and raw truth about this kind of success, which is not for everyone. The air around here is rarified. There is less oxygen. You either die or thrive. I believe you will thrive.
How To Save A Million Dollars In 10 Years (Or Earn)
Firstly, the kind of job that will pay you enough for you to save at the end of each month $8,334 is not common or easy. The average monthly living expenses for a single person in the USA are $3,189 according to Upwardli. And this is for a single person. Second, if you are the only one working in a family of four your expenses go to $7,095 per month, which will make your life a bit harder.
Third, let’s consider the single-person situation. If you spend $3,189 every month and need to save an extra $8,334 you will need a total net income of $10,284. Let’s say you live in Mississippi, to make $10,284 you need $176,500 in salary per year. Now that’s a big number! Which kind of job could get you there? Lastly, I will give you the best jobs available at this point in time and remote. So you can have more time for yourself!
Job Options – All Remote
Vice President of Infrastructure – $175K-$250K Per Year – Get This Job Here
Senior Backend Engineer (Ruby on Rails) – $100K-$200K Per Year – Get This Job Here
Product Marketing Manager (Greater NYC Area, NY or Remote) – $140K-$170K Per Year – Get This Job Here
Vendor Risk Manager – $102,780-$179,820 – Get This Job Here
Or you could become a Wealth Manager or Hedge Fund Manager
The options are not as limited as we all thought. You can do it. In the getting a job game I always did the following. Apply for everything I could possibly apply (about 1000 jobs) and land 10-20 good offers! Even if you get 2 or 3 offers over $170K you are already on the fast track to your goal of a million dollars in 10 years!
How To Save A Million Dollars In 10 Years – Entrepreneurship?
Now if you think you don’t have the degrees needed, you don’t like a corporate job, or you don’t believe you can land a job for any other reason, entrepreneurship could be your golden ticket. When you are an entrepreneur all you need is to show up, work hard and never give up. This is the magic formula. “PERSISTENCE. Nothing in this world can take the place of good old persistence. Talent won’t. Nothing’s more common than unsuccessful men with talent.” Michael Keaton as Ray Kroc – The Founder (2016) – IMDb.
Look, you already know about the stories of dropshipping kids making 100K a year from youtube. Or Graham Stephan making millions with his youtube channel. What I will give you is better! Crazy stories that entrepreneurs managed with the most random situations.
Selling Water In Hot Days – The A Million Dollars in 10 Years Rug To Riches
Robert Nowak was the son of a Polish immigrant and he grew up poor in a small city in Kentucky. He did not have any proper education, was not the smartest kid in his city, and did not have anything better than anyone really. However, he had a dream. He wanted to make money, a lot of it. He also asked the sky “How can I save a million dollars in 10 years”. So he could give his parents a house and everything they would need. Nice guy, just wanted to provide back to his family. He did not have any education and could not find a job. What did he do?
The Idea Of How To Save A Million Dollars
He notices that at the gas station, they were selling a bottle of water for $5. Simultaneously, the same bottle of water that he buys for $1 at the supermarket. Could he buy that water bottle and sell it for $4 on hot days? Therefore, an idea was born, he managed to work some odd jobs in the past and save about $200. Not much but it was something. He bought a water cooler for $35, 100 bottles of water for $100, and a lot of ice for $15. Specifically, with a total of $150, he was open for business!
On the first day, he sold everything by 1 pm! Bob counted his money and managed to make a profit of $250!?! Unlike what he thought, he could actually make money. Surprisingly easy, actually! This was the most money Bobby saw in a whole day. It was insane. Following his success on the first day, the next day he bought another $35 water cooler, more ice for $30, and 200 bottles for $200 this time. The same thing happened! Sold out, profit of $535! Soon he was about to create a whole selling water bottles empire.
Printing Money
He could not believe it. He basically found a license to print money. This could also be you. Think about which problems you can solve for other people then solve those problems. The more pain people have with this problem. The more money you can charge thus creating a money loop. Simple as that. There are 1000s of stories like Bobby here. The difference between them and you is not how smart they are. How pretty they are? Their education? Obviously is none of that. The difference is the willingness to fail and try again. Surely could not be that easy, common! Surprisingly, it is. In the words of one of my favorite superhero movies (cue the somber music) “Why do you fall? So we can stand again” Batman.
You Are Like AI
Whenever you think life is getting way too hard. Firstly know for a fact that the longer you endure, the longer you can take it and be better. Secondly, think that you are like an AI. AI is not born knowing everything. They know it all because they were given a machine-learning process. That’s it. Likewise, the same situation applies to you. Indeed is hard, I know that. Occasionally seems impossible. While it looks this way I can assure you that it gets easier, how do I know? I have been in your shoes and can positively tell you that I managed. Thus you can too.
There is a 3rd Option – The Road Not Taken
What if I told you that there is a third option? (Matrix Sound Effect Please). One that you could earn less money and still make it. Remember where we were saying how much money you need every month? If you spend $3,189 every month and need to save an extra $8,334 you will need a total net income of $10,284. However, there is a third option. You could actually “only” make $8,189, spend $3,189 on your monthly expenses, and still have a million dollars in 10 years. “How dude, are you smoking something man? Last time I checked $5,000 times 120 months is not $1,000,000…”
You are correct young padawan. Your match is correct. However, rather than saving that money, we will invest! Calculating an average return of the SP500 over 10 years and adding compound interest to the mix we have… $1,037,760.10! That’s right! Because of the compound interest, we are now looking at almost half the investment but the same number over time! Specifically, over a million dollars in 10 years. All you got to do is invest $5,000 every month and patiently hold for 10 years. That’s it! Surprisingly simple, am I right?
No Matter Which Road You Take These You Need
No matter what you do, work for yourself or others and invest your money. You will need discipline, you will need patience. Persistence, and work ethic, You need all those and more if you want to get there. This road is not fun, is lonely, and is full of stress, hard work, and things you might miss. You might miss a birthday, not go out with your friends, or even not drink on weekend. Playing video games, etc. I never forget this saying because is so true. There is no glory without sacrifice. You need to sacrifice something for it. And if you don’t want to sacrifice you will sacrifice your glory.
The Other Side – The Reward Is Out Of This World
Now if you work hard for it, have an insane work ethic and hungriness. I can tell you this side of the jungle is insane. There are no money worries anymore. Sure you have other worries but, when you come from a lack of money, they are never as stressful as not having money to pay your rent or your gas. Those we all know are all-time high in stress. And you know what the funny part is? You will get to 2 million dollars on automatic without putting any extra money to work in 7 years… Not 10! Significantly increasing how much you earn per year… forever!
The Gym Analogy
Similarly to going to the gym, you start working out every day right? Shortly after you will be able to take heavier and heavier weights, occasionally going full on The Rock level of workout! Though you would not be able to work that hard when you started, you will be miles away from the “you” from the beginning!
Sooner or later you will not ask yourself “How can I save a million dollars in 10 years” You will ask: “How can I save ten million dollars in 10 years” The power of compounding baby!
Before You Go
It’s not enough to ask “How can I save a million dollars in 10 years”. You got work toward your goals, and I would really recommend you to read the: Insider Tips On Investing from Seasoned Investors post, this will show you how you could reach 10% or more ROI in the stock market! See you there!
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