Goal reached and future goals

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.

3%

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%:

YearsFuture 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

5 år = 5 years. Chart showing my portfolio value (Nordnet Bank) since inception beginning of 2017.

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!

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