How long will it take you to accumulate 1 Million pesos?

Remember my post about 1Million in 23 years? Click here to read the full article. If you
want to have 1 million pesos in 23 years, you should start investing Php1k a month now in an investment
vehicle (i.e mutual funds, stocks) that grows 10% on an average every year. 



But what if you can save Php2k or even Php5k a month? Do you have any idea how long will it
take you to build up a million pesos?
Take a look at this table.

          Php
1,000





Time, Money and Interest: How does
it work?
If you
increase your savings to Php2k a month and put it in an investment vehicle that
grows 10% compounded annually, it will take you 17 years to have a million
pesos. Php3k monthly will produce 1 million after 14 years. But if you religiously save as much as Php5k a month and put it in
Equity Funds (Mutual Funds) or stocks that on an average grows 10% yearly, it will only take 10 years to generate your one million.
As you
increase your monthly savings, and as you increase the rate (better-than-inflation) of return, then it takes you a shorter period to accumulate
the 1 million pesos.  

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