My total savings (excluiding my pension savings) reached around 30 000 USD this month. That is 3 percent of my goal of 1 000 000 USD before 2045.
I aim to get an average annual return of 8 percent.
Using the following calculator from https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
I get the following numbers with a monthly investment of 1 000 USD, a starting investment of 30 000 USD and an annual return of 8%:
| Years | Future Value (8%) | Total Contributions |
| Year 0 | $30,000.00 | $30,000.00 |
| Year 1 | $44,400.00 | $42,000.00 |
| Year 2 | $59,952.00 | $54,000.00 |
| Year 3 | $76,748.16 | $66,000.00 |
| Year 4 | $94,888.01 | $78,000.00 |
| Year 5 | $114,479.05 | $90,000.00 |
| Year 6 | $135,637.38 | $102,000.00 |
| Year 7 | $158,488.37 | $114,000.00 |
| Year 8 | $183,167.44 | $126,000.00 |
| Year 9 | $209,820.83 | $138,000.00 |
| Year 10 | $238,606.50 | $150,000.00 |
| Year 11 | $269,695.02 | $162,000.00 |
| Year 12 | $303,270.62 | $174,000.00 |
| Year 13 | $339,532.27 | $186,000.00 |
| Year 14 | $378,694.85 | $198,000.00 |
| Year 15 | $420,990.44 | $210,000.00 |
| Year 16 | $466,669.68 | $222,000.00 |
| Year 17 | $516,003.25 | $234,000.00 |
| Year 18 | $569,283.51 | $246,000.00 |
| Year 19 | $626,826.19 | $258,000.00 |
| Year 20 | $688,972.29 | $270,000.00 |
| Year 21 | $756,090.07 | $282,000.00 |
| Year 22 | $828,577.27 | $294,000.00 |
| Year 23 | $906,863.46 | $306,000.00 |
| Year 24 | $991,412.53 | $318,000.00 |
| Year 25 | $1,082,725.54 | $330,000.00 |
Future targets
2021: 40 000 USD
2022: 50 000 USD
2025: 100 000 USD
2029: 200 000 USD
2037: 500 000 USD
2045: 1 000 000 USD
If I can avoid losing money and keep an annual average return of 8 percent I hope to reach my target in time. I do hope for a better return.
Using the same calculations with a 5 percent annual return gives 674 000 USD in 2045.
Using the same calculations with a 10 percent annual return gives 1 000 000 USD in 2042 and 1 500 000 USD in 2045.
A huge difference. The sooner I can save the better.
“Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.”
— Albert Einstein
Current return
Total return of 257% since 2017 which I’m more than happy with.
First year I was mainly trading another account. I started aiming to save around 1000 USD a month 1-2 years ago.
Next year I aim for 40 000 USD!
Best of luck!