How Long Does It Take To Become A Millionaire In Texas?
A few weeks ago, everyone in America has shooting their shot at a chance to become a BILLIONAIRE with the Mega Milllions and Powerball drawings and of course most of us ended up having to continue making our money the old fashioned way... by working for it.
But how long would it take for you to save up and become a millionaire doing it the old fashioned way? According to the website GoBanking Rates, if you work hard and save and invest your income, it could take your roughly 50 years to make it to the million mark. They used 3 factors to come to this result: median income,average cost of living, and taking the difference and investing it at a 5.5% return rate.
The median household income in the Lone Star State is $56,565, and the average per capita spending on personal consumption is $37,486. With $19,079 left over to save or invest, it would take 52 years to be a millionaire if that money went into savings, or two years less if it went toward investments. - GoBanking Rates
Now if you're trying to reach your million quicker, you're going to have move to another state. Maryland was cited as the state where you would make your million the fastest at 28 years due to its high median income. Contrast that with West Virginia where it would take 110 years to become a millionaire and you'll be for sure dead before you even get close.
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