The Personal Finance Podcast - How Long it Takes to Go From $100K to $1 Million

Episode Date: November 15, 2023

In this episode of the Personal Finance Podcast, we're going to talk about how long it takes to go to your first $100k. In this episode we will talk about: Why it is so important to get to your first $100k What does frugal really mean?  Examples of why your first 100K is a grind How to Stay Motivated at the start How Andrew Can Help You:  Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Monarch Money: Get an extended 30 day free trial at monarchmoney/pfp Policygenius: This is where I got my term life insurance. Policygenius is made so easy. To get your term policy go to policygenius.com and make sure your loved ones are safe.  Links Mentioned in This Episode:  free investing one Oh one webinar Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

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Countertop wipes and fly traps Hey fruit flies Your baby boom ends here Save the Everyday with Amazon on this episode of the personal finance podcast, how long it takes to go from your first 100k to $1 million. What's up, everybody, and welcome to the personal finance podcast. I'm your host, Andrew founder of Mastermoney.com. And today on the personal finance podcast, we're going to be talking about how long it takes to go to your first 100k all the way up to $1 million. If you guys have any questions,

sure to hit us up on Instagram, Twitter, TikTok, at MasterMoney Co, and follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast on it. If you want to help out the show, consider leaving a five-star rating and review on Apple Podcast, Spotify, or your favorite podcast player. Now, today, I am super excited to dive into this episode because we are going to be talking about how long it takes to go from your first 100K to your first $1 million. And this was by request because a lot of people know that we love to talk about getting to your first 100K. Because that is one of the most important things that you can do when it comes to building wealth.

And it is a very hard and difficult thing to do. Your first 100K is the hardest journey that you're going to have when it comes to your financial life. So as we go through this episode, we're going to be diving into first in the beginning. I'm going to talk about why it takes so long to get to your first 100K. I'm going to give you four different examples also on how long it can actually take you to get to your first 100K. But then beyond that, what this episode's really about is how long is it to get from that first 100K to getting to your first million dollars and how fast do you have to be investing in order to be able to achieve that goal. And we're going to look at it on different rates of

return and a bunch of other things as well. Then I'm going to talk about how you need to stay motivated throughout this process because at the beginning, it is difficult to stay motivated when you were trying to get to your first 100K. But over time, it gets easier and easier. And as you see compound interest starting to work, it is absolutely life-changing for most people. So it's going to be something where today I want you to stay motivated. I want you to learn about this stuff so that you can stay motivated throughout your journey. I've had a lot of people reaching out as of late saying, hey, I just started investing in index funds. I started three months ago, six months ago. I'm not seeing the needle move. And that is a very normal thing. I want you to understand this now. It is very

normal to not see a ton of results maybe in the first year, the first two years, the first three years, As time goes on, it's going to compound and you're going to see your investments start to grow. Impatience is the biggest enemy for long-term investors. And here on the personal finance podcast, we teach you how to invest long-term. If you want to learn how to invest short-term, I think for most people, that is significantly less profitable than getting rich slowly and getting rich over time. Now, if you want to get rich quicker, you need to start a business, you need to do other things. This is what you need to be doing, though, for your retirement long-term, is learning.

how to get rich slowly. And so what we're going to be talking about today is we're going to be diving into this. Now, let me give him a great example of this. Warren Buffett is a person who is extremely rich, one of the richest people in the world, and he even got rich slowly. So if you look at his net worth overtime, we actually have a graph here showing his net worth over time. And if you're watching this on YouTube, we will throw it up on YouTube. If you want to watch us on YouTube, it's Anderjinkola is what you type in. You type in my name and that's the YouTube channel. And when it comes to the net worth of Warren Buffett, you can look at this over time. So for example, At age 30, Warren Buffett finally had a net worth of $1 million.

Now, when he was 30, that was worth a lot more if you do inflation adjusted. So he was actually very wealthy at the age of 30. But over time, you're going to see this grow. We're at age 39, he was worth $25 million. At age 52, it jumped to $376 million. But here's where it gets crazy. Because at age 56, then he's worth $1.4. At age 58, $2.3 billion.

At age 59, $3.8 billion. And then at age 92, $109 billion. dollars. About 99% of his net worth was actually made after the age of 55. At age 53, he was 620 million. And then after age 55, just two years later, he was worth 1.4 billion. So time is your greatest asset. And I want you to understand this because the majority of your compounding is going to come later in your investing career. You have to trust the process as you go through this process, which is why I want to teach you this stuff, that your first 100K is a great. I'm going to show you these examples right now, so let's get into it.

Now, you may be asking the question, well, why is my first 100K a grind? Why is this something that I need to grind through in order to actually get my first 100K? And the major reason for this is I want you to understand this. I want you to print this in your brain is when you start to save your first $100,000, this is the difficult part. It all comes from the toughest part for all of us, which is your savings rate, savings rate will be the majority when it comes to your first 100K because you don't have enough money compounding yet in order to see and reap the benefits of compound interest. Compound interest

is still happening, but it's not something where it is spitting off loads of cash like you'll see at a million dollar range, $2 million, $3 million range, which we can talk about. And so that is why it is so difficult because you're grinding away and you're putting money away, but the majority actually comes from your savings rate. And let me show the difference here because even your rate of return doesn't make a massive difference on how fast you can get to your first 100k. If you earn a 1% annual return on your investments, you would need to save at least $20,000 per year to reach 100K in five years. If you earn a 12% rate of return on your investments annually, you would need to save at least $15,000 per year to reach $100,000 in five years or less. That's only a five-year differential

for an 11% rate of return difference, which means it does not make a massive difference on your rate of return. So there's no way to get around this. You have to invest as much money as you possibly can to get to your first $100,000 in five years or less if you want to get there in five years or less. Now, let me give you a bunch of examples. So the first example would be how long would it take to get to your first $100,000 investing $5,000 per year? So if you invested that $5,000 per year, which comes out to about $416 per month, and you've got an 8% rate of return, it would take you 12 years to get to your first 100K. But here is why this is so hard, because in this scenario, your savings rate would make up 59% of the sum, and only 41% would actually

be the amount of money that your money earned. Now, when you get to your first million, this same exact amount is actually flipped, where 82% would be interest, and 18% would be your savings rate. So as you can see here, the numbers actually flip over, once you get to your first million dollars, even with the same exact savings rate, but you got to get to your first 100K first. It is the most difficult portion overall. Now, what if you wanted to save $10,000 per year? How long would it take you to get to your first 100K? So if you got an 8% rate of return, you saved $833 per month, which is roughly about $10,000 per year, it would take you 7.5 years to get to your first $100,000.

And here's why it's difficult again, because that means 73% of the sum would actually be your savings rate and 27% would be the amount of money that your money made or the interest that your money made. So this is something where once you hit your first million, it's completely flipped again, where 73% would be interest and 23% would be your savings rate. So you've got to really think through this. This is why it is so difficult because your savings rate is what is going to propel you to your first 100K. And most people are not disciplined enough to be able to do this early on. And so they say nothing is happening. I need to quit. This is way too difficult. Now, here's another example. Let's say you put $6,000 per year in your Roth IRA. The max this year is $6,500 per year, and it's

going to go up again next year from what I'm hearing. But let's just say, for example, you put $6,000 a year in a Roth IRA, or $116 per week. And let's say you send it automatically to your brokerage account, and you let that money compound. Well, it would take 10.1 years to hit your first $100k, and 57% would be savings, and only 43% would be interest. And then the last example is $15,000 a year. Let's say you saved even more, $1,250 per month. It would take you 5.2 years to get to your first 100K, and 74% would be your savings rate,

and 26% would be your interest rate. Now, how long would it take you to go from that to $1 million is going to be of interest? And we're going to be talking about that as we go through this. So those are four different examples. I wanted to give you those examples, because I want you to understand, And if you are just starting out on this journey, it is a grind to get to that first 100K. But I'm going to show you how fast this path can accelerate to get to $1 million.

Because after you get to that first $100K, we need to understand how long it's going to take us to get to that $1 million. And that is what we're going to talk about next. All right. So the first thing I'm going to do is I'm going to talk about, hey, if you get to that first $100,000 and never touch that money again, how long would it take you to get to a million dollars just to. letting that money ride. Just letting that money sit there over time. So we're going to go through the different scenarios here and tell you, you know, how long is it going to take you to get there? So to start this off, we're going to start with a 6% rate of return. We're going to go all the way up to a 10% rate of return. Don't love going over a 10% rate of return because I think that's being

overly optimistic about what the future of the market is going to be. Now, again, historically, the S&P 500 has returned about 10%, actually a little more than 10% to investors. But like I said, if you are doing this for your retirement planning purposes, then I really, really want you to think conservatively about this stuff when you were thinking long term. Use a 10% rate of return for your motivation because that is very possible for that to happen, but at the same time, just be conservative as you're planning through this in retirement. So at a 6% rate of return, let's say you saved up a $100,000, invested those dollars into something that got a 6% rate of return. And heck, at the time I'm recording this, high yield savings accounts are almost at a 6% rate of return. If you just stuck it in there and

did not look at it again, it would take the 39.5 years to get to $1 million. So say, for example, maybe you have kids or you have grandkids and you're thinking about doing something like this, you can save up that money and say, hey, they can't touch this money for 40 more years. And that is how long it would take for them to get to that $1 million range. Now, this is how important it is to get your rate of return right, because what you're going to see here is that as I adjust these numbers, there is a drastic difference between a 6% rate of return and a 10% rate of return. So if you look at a 7% rate of return, you saved $100,000. You did not touch it again. You got a 7% rate of return. It would take you 34 years to reach that

$1 million. Now, let's look at an 8% rate of return. If you got that 8% rate of return, it would take you 29 years to get to that million dollars. And then lastly, just look at a 10% rate of return. So if you got $100,000 saved up at a 10% rate of return, it would only take you 24 years before you reached that $1 million. And this is not adding another single dollar. That is how amazing compound interest is. Literally, you can save up $100,000 and give your money a job. Your money is going to be working for you for the next 24 years. And guess what's happening here? I want you to think about this. Really, really think about this. Because if you got that 10% rate of return, your $100,000 is going to be making you $41,000 per year in compound interest every single year.

If you take $1 million and divided by $24, that's $41,000 per year being earned by you not lifting a finger just because you decided to save your first $100K. That is really, really powerful stuff. And that is what compound interest can do for us. Compound interest, you to real MVP. That is why it is so important to get your dollars working for you. Because guess what? All of a sudden, you have these little employees that are working in compounding over time for you. This is why we talk about compound interest so much, why you need to understand how it works,

because every single year your money could be making you 40, 50, 60, $100,000 per year just because you decided to invest it instead of blowing it on stuff that you don't care about. So that is why it is so important to invest. We talk about this in Index Fund Pro. If you've never heard of Index Fund Pro, you're brand new to investing. We have a course that teaches you exactly how to invest. And Index Fund Pro is what that is. It'll be linked up down in the show notes.

You want to check that out. Now we're going to look at $100. per month, $250 per month, $500 per month, $1,500,000 per month, and how long it would take you to actually get to that million dollar mark. And we're going to look at the Roth IRA, and if you had that money in a Roth IRA, that growth of that money, I want you to imagine this for a second. The growth of that money would be completely tax-free. So let's take this first example. And say you got that 10% rate of return, you didn't touch that money again, okay? So all you contributed was $100,000. And in 24 years, your money grew to $1 million.

What does that mean? Why is this so powerful? Think about this for a second. Because in a Roth IRA, your money goes in, and it's already been taxed. It's already being taxed out of your paycheck. Then your money can grow tax-free when it's invested, and you can pull the money out tax-free. So your tax-free, but the growth of your money is tax-free.

Why is this powerful? Because you put $100,000 in, and all of a sudden it turned into $1 million based on compound interest, you have $900,000. that is completely tax-free. Let me say that again, because I don't know if you know how powerful this is. You have $900,000 that is completely tax-free. So A, your money made you $41,000 per year

just by compounding at a 10% rate of return, and you have $900,000 of it completely tax-free. If that doesn't motivate you, I don't know what will. Now, let's dive into the monthly amounts to see what would happen here. So let's say, for example, we're going to keep using this 10% rate of return because that's the historic average, that's all I can go about. That's an actual factual thing. Now, in the future, if you're modeling this

out, I would encourage you to try to use something like a 7% rate of return, maybe an 8% rate of return. But for this episode, we can only go by what the historic returns are. That is what we're going by on this episode. So if you put $100 per month into, after you got your first 100K, it would still take you 24.065 years before you hit your million dollars. Now, let's say you put $250 per month in. It would take you $23,000. point nine years before you hit your first hundred thousand dollars. This is why the beginning is so important. This is why people in your 20s who are thinking about this, it is so important to start investing early and often because it makes a massive difference. You can see these small amounts of over time

don't make as much of a difference as your early dollars and your baseline that you put together. So it feels like maybe you're in your 20s or you're in your 30s and you feel like, hey, this really isn't making a difference long term. It absolutely is making a difference long term. and you just have to see the numbers working how they are right now. Now let's jump up to $500 per month. So if you put $500 per month into something like this, it would take you 23.6 years. So you shaved off about a half a year

just by bumping that up and doubling it up there. Now let's jump up to $1,000 per month. At $1,000 per month, it would take you 23.26 years to reach that target of $1 million. Now, at $1,500 per month, it would take you $22.8 years to reach that. million dollars and if you put $2,000 per month in, it'd be 22.4 years. So you can see how important it is to really just get to your first 100K because that's going to do a lot of work for you.

Then over time, you can start to add more money to this over that time frame. Now, this is just telling you how long it's going to take you to get there. But let me just show you and expand this out for a second. Because if you got to that first 100K, adding money to this is really going to accelerate your path to financial independence over time, especially when you extend the time out longer. So maybe it takes you 23 years to get to that first million, but over the course of the next five to seven years, you're really going to see this accelerate. And let me give an example of this, because if you have a starting amount, say, for example, of $100,000 and you extend this out maybe 35 years, instead of extending it out 23 years, you're going to see the massive difference.

So if you extended this out 35 years, this is where the numbers are going to change for you, It would be $3,352,000 if you added $2,000 per month. Let's look at it if you added $1,000 per month. If you had $1,000 per month, it'd be $3 million over the course of 35 years after you hit your first 100K. Let's say you added $500 per month. You added $500 per month. It'd be $2.9 million.

So I don't want you to get discouraged because adding money over that time frame would not cut off much time to get from your first $100,000 to your first million. Because after that, compound interest really starts to work. and this is why you want to keep adding money every single month, because just 10, 12 years later, you're going to have over $3 million in that account. So it triples over the course of the last 10 years. That is why you really want to be doing this and why you want to be thinking about building wealth this way because this is a really, really important way to actually think through this stuff. Now, I know this is a lot of numbers to have on a podcast. If you want to run these numbers,

I just use calculator.net. They have an investment calculator there. It is a fantastic calculator that you can utilize as well. And you can run these numbers for yourself. You can put in your own interest rate and all that kind of stuff. It's a great free calculator. Just go to calculator.net slash investment calculator, and that's where you can find that there. We actually have our own as well that we are finishing up.

It'll have a lot of functionality that this one has. So you'll be able to do a lot of cool things with it as well. But anyways, that is the calculator that I use and one that I use a lot for these episodes. So if you want to run the numbers yourself, because maybe this is hard to follow along on audio version. If you're not watching on YouTube, then you can absolutely do that as well. Now, if you're at the beginning, I want to wrap this episode up with how to stay motivated at the start, and we're going to do that next.

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You were investing your dollars and you did not see that compound interest working for you. And I want to show you that compound interest is truly a snowball. When you roll a snowball down here, it starts off small and it progressively gets large, and larger and larger and larger over time. And I want you to think about your investing as that. And every single turn of that snowball is one year later. And this is exactly what you need to think about to stay motivated over time because those early days are really, really tough. So the first thing is as you are starting out and you are in your early days, I want you to continuously educate yourself because having a financial education is one of the most important things to stay motivated

over time. I need to continuously be educating myself to maintain that motivation. But in addition, it's also going to give you a ton of different insights on how normal it is for your portfolio to grow slowly early on. And once you see countless different examples of people who have become wealthy by getting rich slowly, you're going to see this is one of the best ways and one of the safest ways to get rich over time. Also, I want you to set very clear goals. I want you to have goals in place on how much you want to be investing every single month. And then I want you to map out those goals with some sort of compound interest calculator so that you can see, hey, over Over time, I should be right around this level.

And if you do this at a 7% rate of return or an 8% rate of return and you are beating those returns over time, you're going to be much happier than if you start off at a 10% rate of return or 11% rate of return and you are underperforming. So I want you to map this out over time. Set those clear goals. Hey, I want to save X amount of dollars every single month. I want to increase my income every single year so that I can invest X amount of dollars more every single year.

Set up those goals, set clear goals. If you have never set financial goals before, we are going to be coming out with a goal-setting workshop that you can have available to you. And I'm going to make it super, super easy for you to set those financial goals. Also, if you are brand new to investing, and this makes you really nervous, you have no idea what you are doing. You can start small. You can start off investing small and getting comfortable with the market and increasing that amount by maybe 1% a month or 2% a month so that you can get more comfortable with the market. And this is something that really, really helps a lot of people who have never invested before they worry about losing money.

And I want you to think about this. You want to keep your money invested for the long term. You want to think about your money in decades, not in days. And this is how you really build wealth over time, is thinking about money in decades and not in just days, day over day, win over win. Now, I want you to also celebrate small wins. Say, for example, your goal is to invest $200 every single month and you do that for six months in a row. I want you to celebrate those small wins. go do something fun and make sure that you are enjoying this process. And as your income increases, maybe you can add additional amounts there and you can celebrate those wins as well. And you're going to visualize this long term, like I just said, you want to look at this over 10, 20, 30 years.

I usually don't buy something like an index fund or ETF unless I plan on holding that bad boy for at least 10, 20 or 30 years. I don't even consider it if I'm not willing to do so. Warren Buffett said it best. If you're not willing to hold a stock for 10 years, don't even consider holding it for 10 minutes. I want you to also, in your goal setting sheet, I want you to make sure that you stay consistent. How do you stay consistent? Automation, baby. So the way that you automate your money is you want to automatically transfer that money into your brokerage account and make sure it is getting invested every single month. This is really, really important to make sure that you stay consistent and it removes your willpower from the equation. Automation is everything.

Next year, we have a course releasing that is going to be all about automating your money. from every aspect of that. So really, really excited about that. Now, also, I want you to avoid emotional mistakes. Maybe the market's going to take a dip, for example, but you have an investing plan in place, and you know why you're investing in some of the specific things that you're investing in. Maybe you're investing in index funds and ETFs, for example. Well, when a market takes a dip, what a lot of people do is they decide to freak out and they decide to panic. This is one of the worst things that you can do with your money. Let me say it again. One of the worst things you can do with your money is you can decide to freak out and panic when the market goes down. Market cycles going down are very,

very normal. This is a predictable thing. It's going to happen within your investing lifetime, and so you make sure that you don't panic. In fact, stocks are on sale. That's a great time to add more money in when the stocks that you love are on sale. Now, as you go through this process, you also want to make sure that you're assessing your risk tolerance, making sure you have that in place, and you want to review and adjust accordingly. If your risk tolerance is out of whack, maybe you're in, some quotations riskier assets, meaning that stocks go up and down more than bonds. They're more volatile than bonds is what the word is when it comes to investing over time. But stocks also return more to investors over time. So if that freaks you out, then maybe you increase your bond

exposure instead of having so many stocks. Now, I also want you to just stay inspired. This is why that financial education plan comes into play. Read a bunch of different stories about people who have been investing for a very long period of time. Say, for example, you love index funds and ETFs. You're investing in index funds in ETFs. Read a bunch of different stories from people who became financially independent when it comes to index funds and ETFs. Continue listening to podcasts, reading books, taking courses, doing all these different things are going to definitely help you stay inspired over time so that you know, hey, I'm doing the right thing. I'm taking the right steps towards my financial future so that I can have that freedom of time. That's what we're all

pursuing is having freedom with our time, our energy and everything else so that we can do what we want every single day. And then lastly, I want to give you this. I want you to learn how to focus on the things that you can control. If the market goes down, that's not something that you can control. I want you to focus on what you can control. What you can control is how much money you are saving and investing over time. You can control your earning potential and trying to increase the amount of money that you're earning. You can't control market conditions. You can't control what's happening every day in the market or the news. So stay away from the news and just stay informed when you need to. the master money newsletter, we try to keep you informed on the things that actually matter.

And then we try to remove all the extra waste. So that is the biggest thing that we try to do on there so that you don't have to watch the news or CNN all day and see doom and gloom. This is the number one thing I want you to avoid is things like the news that preach doom and gloom all day long. It's really, really important to make sure that you do that. And so the biggest keys here are controlling your emotions, make sure that you are consistent over time, and make sure you automate your financial plan so that you can have success. when it comes to your investments over that time frame. So these are some of the keys that you can do very, very early on. If you've never invested before, you want to learn how to invest. We actually have a free

Investing 101 webinar. We can link it up down below in the show notes as well. We don't talk about that enough, but we do have an investing 101 webinar. It's about an hour long. It'll teach you how to invest and buy your first investment. We will link that up down below as well. If you guys have any questions, make sure to reach out to me. I am always here for you and I cannot thank you guys enough for investing in yourself. And if you guys have any suggestions or anything for the show, we want to bring as much value as possible to you. That is our entire goal is to bring you as much value as possible. Make sure you shoot me a message and let me know what things we can add to the show that would really, really benefit you. I truly appreciate each and every single one of you and we will see you on the

next episode. When a country's productivity cycle is broken, people feel it in their paychecks, their communities, their futures. What does this mean for individuals, communities, and businesses the country? Join business leaders, policymakers, and influencers for CGs' national series on the Canadian Standard of Living, Productivity, and Innovation. Learn what's driving Canada's productivity decline and discover actionable solutions to reverse it.