2.  Invest $500 a month in a Roth IRA for 29 years. If you started off with $0 and decided to start investing $500 every month (automated like we talk through here) for the next 29 years, you would grow your TAX FREE wealth to $1,030,016. Again I will always recommend investing in a low cost index fund.

With this method, this means you contribute $174,000 in total, but compound growth adds another $856,016.

Here’s what the growth would look like:

3. Invest $500 every (2 week) paycheck for 22 years. Let’s say you had the ability to invest $500 every two weeks (maybe in a mix of a 401k and a Roth IRA as an example). That means you would be able to grow your wealth to $1,042,577. 

With this method, you contributed $285,912 in total, but compound growth adds $756,665.

Here’s what the growth would look like:

The main point is that investing is a long term strategy and it’s with consistency (and automation) over time that will pay off.

The less time you have to invest, the more money you may need to contribute. But if you have a bit more time to allow compounding to do the heavy lifting, the you can still reach your goals with a smaller amount invested.

But maybe you need more (or less) than a Million to become financially independent? How can you calculate your own numbers to become work optional?

If you're a Wealth Club member you can learn more about how to become work optional in this workshop. Remember to calculate your specific FIRE number using your very own FIRE Wealth Planner. Download it here.

If you aren't a member but want to learn more on how to invest with a strategy, start here.

Mahi

PS: Any questions about this topic and anything else you've been learning inside The Wealth Club membership? Please ask away in the Q&A Forum of The Wealth Community.