Cool million calculator: design your million dollar strategy
Working out an approach to become a millionaire can be difficult. By analyzing your current investments and continuous savings you can see what it will take to reach your goal of making a million dollars. Better yet, this calculator can help you to devise a plan to reach your goal even sooner.
Lets begin with what the calculator can be used for and how you may use it.
Calculate how to make a million dollars with ease
Working out the best way to accumulate your savings can streamline the time it will take to become a millionaire. This can help with planning your future or when a busy schedule means you may have lost track of your finances.
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 your age currently.
1. Simply add your current ageto 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 your ages. 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.