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  • Writer's pictureMatt Oberholzer

National Be a Millionaire Day

May 20th is National Be a Millionaire Day. On this day pretend to be a millionaire or start working on your plans to become a millionaire (or multi-millionaire).

It’s normal for people to think of what they would do if they had $1,000,000. The fact of the matter is, $1,000,000 doesn’t go nearly as far as it used to.

The show, “Who Wants to be a Millionaire” debuted in 1998. If we wanted to get the same spending power now as it used to give then, you would need to win $1.9mm. When you started working in the 1980’s and thought you need a million dollars to retire, well that million dollars now is worth $3mm.

To get that sum of money it takes time, patience, diligence and a sound financial plan.

Take time today to review your financial portfolio. Make sure that your risk tolerance matches up with your time horizon and your goals.

If you currently don’t have any investments, why not start now? The power of compounding interest helps your money grow faster than if just simple interest were calculated. The longer your money has to grow (or the sooner you save), the greater the growth will be. For example, if at age 24 you started contributing $500 per month to your 401(k) earning 7% annualized return, your balance at age 65 is $1.5mm. If instead you started contributing at age 40, you would only have $380,000 by age 65.

There are other simple solutions to make sure you are on the path to growing your wealth.

  • Pay down your debts

  • Create a budget and stick to it

  • Work with a trusted financial professional

It’s never to late to start working towards your savings goals, whether that is to be a millionaire or simply to grow your wealth for retirement.

“The biggest mistake is not learning the habit of saving properly” – Warren Buffett.

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