In order to qualify to invest in certain investments, you need to be an accredited investor.
If you’re not an accredited investor yet, will you get there faster through meeting the salary criteria or having a net worth of $1 million?
One tool I found incredibly helpful is the When will you be a millionaire calculator by DQYDJ. This calculator lets you input your own assumptions on the rate of return you expect, what you expect inflation to be, how much money will you invest every month, how much money are you starting with and how much money do you want to end up with.
To see how long it’ll take to become a millionaire, put $1 million as how much you want to end up with and then how much you’re currently investing a month, and what your net worth is today.
The tool will then not only give you the years and months it’ll take you to get there but also how long it’d take if you invested half as much or twice as much. If you don’t like how long it’ll take, go back and tweak the amount your investing every month until you’re satisfied with the result.
If you’re satisfied with the first result, you’re already on the right track! If you want to get there faster check out the Side Hustles and Invest pages to get ideas on how to earn additional money.
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