HONOLULU (KHON2) – Do you know what it takes to live like a millionaire? With $1,000,000 in your bank account, you’re no longer eligible, according to a new study.
Solitaired.com has unveiled new insights into what it takes to live like a millionaire in today’s world. You said having a million dollars today looks very different than it did twenty years ago.
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Also, what counts as a millionaire varies by state. For example, in states with a higher cost of living, you need more money to live that lavish lifestyle.
- Hawaii you need 5,681,818.00
- California you need 5,474,032.00
- Nevada you need 6,060,000.00
- Connecticut you need 4,452,381.00
Milestone Wealth Management’s Caine Nakata said it’s actually possible to save a million dollars.
“Yes, that’s totally realistic,” Nakata said. “Of course, the earlier you start, the easier it is.”
He said by 20 you would have to save $220/month at an 8% return to reach $1 million by 65. If you start at 30, you need to save $500/month. If you start at 40, you need to save $1,100/month.
“As you can see, the earlier you start, the better the odds,” Nakata said. “You also have to use other opportunities, such as B. Employer matches, lower fees and higher returns. But if you stadium a plan and budget and stick to it, there’s a potential to save $1 million by the time you retire.”
He said the first step if you want to plan at least a million until retirement is to make sure you have an emergency fund that can cover six months of expenses. He said this is the of your financial plan.