How Long Will It Take the Stock Market to Turn $100 a Week Into $1 Million?
The above examples are just hypothetical scenarios, but they can teach you some important things about how to grow your wealth quickly through investing. Contributing as much as you can starting as early as you can will help you maximize your earnings. Raising your contributions whenever possible will help, too. Make sure you invest in strong companies you believe will still be profitable decades from now, and spread your money around among many different stocks and bonds to ensure that no single one weighs too heavily on your portfolio. If you follow these tips, you can reach $1 million eventually, but don't stop there. Calculate how much you actually need for retirement and make that your goal. Don't forget about inflation and taxes. Over time, $1 million won't go as far as it does today, so you might need more than you think for retirement.