Saving $1 million when you’ve just graduated college might sound impossible, yet you can get there with time and dedication.
How much you’ll need to save every month, however, will depend on how fast you plan to reach your goal.
Luckily, CNBC crunched a range of numbers to give you some options.
Here’s how much you will need to start investing every month to reach one million dollars — broken down by your target age.
First, let’s go over how we got the numbers. The math assumes you are starting with no money in savings, that your investments will earn 4% in annual returns, and that you start saving at 22 and fresh out of college.
Check out this video to dive into the figures.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
