It has long been said that the benchmark of savings is accumulating a cool million dollars. The reality is that everyone's individual savings needs will differ and some families may require even more savings to attain the lifestyle they envision. While certain individuals may want a million dollars for retirement, others require it for a single purchase. Regardless, working out an approach to become a millionaire can be difficult. By adding a few details concerning your finances, you can see what it will take to reach your goal of making millions. Better yet, this calculator can help you to devise a plan to reach your goal even sooner.
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What can you get with a million dollars?
An important motivator of saving is visualizing what you are saving your wealth for. Some people may want a million dollars to fund their retirement, while others prefer this amount for a specific purchase. Whether you’ve made some great stock investments or think you might be the recipient of a hefty inheritance, continue reading to find some cool ways you can spend a million dollars.
It’s quite easy to spend a million dollars when purchasing a house. For this amount, you can get a modern villa in Spain with a heated pool and a breathtaking view. Alternatively, you could opt for a quaint apartment in New York or a grand 3,600 sq ft house in Arizona.
Even $1 million can’t afford you the most expensive car in the world, but there are some super luxury options available. With a cool million, you could purchase something like a vintage 1932 Packer Deluxe 8 or if you prefer something more cutting-edge, you could try the
Jaguar Hybrid Supercar.
Unique paintings and one of a kind productions from highly-sought after artists can be worth hundreds of millions of dollars.
A piece of artwork by Leonard Da Vinci
recently sold for half a billion dollars, while galleries in New York regularly sell pieces for $3 million plus. So, for your cool million price tag you could acquire one or two original artworks from
in London that are about 48 inches in size.
Like art and cars, jewelry can also come with a high price tag. Many of the rings and necklaces that are worn by Hollywood entertainers and celebrities on red carpets can be worth up to $20 million. With your budget, you could surprise that special someone with 10-carat white gold engagement ring or spoil yourself with some 10-carat gold chains and necklaces with or without precious gems.
Of course, many of these above suggestions could be considered over the top and are purely for your entertainment. A million dollars used correctly can be a great tool to further expand your net-worth through various investments and
methods of asset allocation
. While it is nice to reward yourself for meeting your savings goals, it’s not advisable to spend it all in one place unless you were saving for something specific, like your next home purchase.
Using the cool million calculator
To use the cool million calculator, some basic information is required. You may need to review your finances before using this tool. There are some questions about your investments and monthly savings. It helps to have some knowledge of investment choices prior to using this calculator.
With these details you can see how quickly you may reach your goal of making a million dollars. You can also view how much you will have saved by your millionaire target age with your current plan. You can also try out different investments to see which will provide the best benefit.
Please continue reading for a more detailed explanation on how to use the calculator.
It is very straightforward to use the cool million calculator. You just have to provide some basic information about yourself and your saving strategy. Let’s start with
1. Simply add your
to the first line of the calculator. You can use the arrow keys to make this effort even easier.
2. On the second line of the calculator, you should add your
millionaire target age
. This is the age at which you plan to become a millionaire. You can do multiple calculations at different target ages to see how much more you can save.
3. On the third line of the calculator is your
money currently invested
. Here you can put the value of your investments, savings, and retirement accounts such as 401(k), 403 (b), or annuities.
4. Next is your
savings per month
. This is your money that will be placed into active investments. This may be found on the fourth line of the calculator. Here you may indicate the dollar amount that you are willing to contribute every month towards your goal.
5. On the fifth line of the calculator, you can add the
expected rate of return
from your investments. If you pay taxes on interest, dividends, or capital gains, you may wish to enter your after-tax rate here instead.
6. Finally, you should add an
expected rate of inflation
to the sixth line of the calculator. This percentage factor is important in identifying the value of your savings based on future economic conditions.
Your cool million results
Once these details have been added to the cool million calculator you may see a chart detailing
. This graph shows the growth of your savings in blue as your as you reach your millionaire target age. This is the result of your continued efforts to grow your savings account along with the
compound interest from your investments
Alternatively you can see how your savings may be affected by inflation by following the green line. This is helpful in determining if your efforts will be proportionate to the results you seek, or if you should re-evaluate your strategy.
Remember to bookmark this calculator and save it to the home screen of your smart phone. You can return as your investment options change. If you found this tool useful, you can promote us on social media by using the share feature.