December 16, 2021 5:11 AM

[email protected] (Selena Maranjian)

Posted: December 16, 2021 5:11 AM

Updated: December 16, 2021 10:52 PM

Most of us would love to be wealthy — however we define that. Ideally, we’re saving and investing regularly for retirement because we realize that Social Security will not provide sufficient income in our retirement. But many of us are not on track to have saved as much as we expect to need, and many don’t expect to grow our portfolios to an impressive degree.

It’s possible, though, to achieve way more wealth than you imagined. Here’s a look at how, for an extreme example, you might turn $1,000 into $56 million. (Other, more realistic, scenarios will still likely thrill you.)

Image source: Getty Images.

It all comes down to three factors: money, growth rates, and time

Figuring out how much you might be able to amass by retirement all boils down to some simple math — and three factors:

• How much you can invest regularly
• How many years your money can grow
• How quickly your money will grow

Check out the table below, which shows how one investment of $1,000 (not $1,000 invested regularly) can grow over long periods at different growth rates:

Growth Period	Growing at 5%	Growing at 10%	Growing at 20%
10 years	$1,629	$2,594	$6,192
20 years	$2,653	$6,728	$38,338
30 years	$4,322	$17,449	$237,376
40 years	$7,040	$45,259	$1.5 million
50 years	$11,467	$117,391	$9.1 million
60 years	$18,679	$304,482	$56.3 million

Data source: Calculations by author.

You’ll see that …….

Source: https://www.crossroadstoday.com/i/heres-how-the-stock-market-could-turn-1000-into-56-3-million/