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.