Millionaire Spreadsheet

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Would you like to know what it takes to be a millionaire? You can now use my simple spreadsheet to find out!

This spreadsheet contains two calculators: one will show you at what age you will become a millionaire, and the other will show you the annual savings needed if you have a target millionaire year.

Information needed

Your current age
Current net worth
Your projected average investment/savings return. You can refer to “Average historical returns for various common vehicles” table for rough estimates. I personally recommend around 4-5% for a reasonably conservative long-term strategy that has a mixture of cash, bonds and stocks
Your annual savings goal or your target year at the end of which you will want to achieve the millionaire status

Spreadsheet usage case: 25-year-old Ben

The screenshots below show you an example for a 25-year-old with a current net worth of $50,000. Let’s call him Ben. Ben is a fairly conservative type despite his young age, so he puts most of his money into relatively conservatively investments like high-yield savings accounts and bonds, and he estimates that the investment/savings return is 3%. However, because Ben is a savvy consumer with a good income, he is able to save around $15,000 a year. At this rate, Ben will become a millionaire at age 59 (58.94 to be exact).

On the other hand, if Ben wants to retire early at age 45 without taking on more risk in investments, he will need to save $33,855 a year to achieve a one-million-dollar net worth. Of course, this is only one approach, as Ben can potentially invest a bit more into the stocks given his long time horizon before he needs access to the money. He could very likely increase his investment return, which will reduce the annual savings required.

Spreadsheet that shows you savings goals to become a millionaire

Additional notes

Note that all the cells that require your input have been coloured in orange for your convenience. You will want to focus on the cells coloured in green, because they contain the answers you are looking for!

I have also included in the spreadsheet an instruction section, a table showing you the average historical returns for savings accounts/bonds/stocks, and a notes section just in case you’d like to play around with different scenarios.