Top

How Long Does It Take to Become a Millionaire in Every State?

Who wants to be a millionaire?  Everybody!  By practicing the sacrifice, fiscal discipline, and long-term investing it takes to slowly get there?  Hello?  Anyone?

A new study figured out how long it would take the average person to become a millionaire in every state.

It’s based on three things:  The median income . . . average cost of living . . . and then taking the difference and investing it at a 5.5% return rate.

The fastest state to become a millionaire is . . . Maryland, where it would “only” take 28 years, mostly thanks to a high median income.

The rest of the five fastest states are:  Utah, at 31 years . . . Alaska and Hawaii, both at 33 years . . . and New Jersey, at 36 years.

The slowest state is West Virginia, where it would take 110 years.  In other words, you’ll be DEAD before you hit $1 million.

The rest of the five slowest states are:  Montana, at 104 years . . . Maine, at 98 years . . . Vermont, at 96 years . . . and Louisiana, at 89 years.

Comments

Quantcast