Do you really need to invest to become a millionaire? | personal finances

Do you really need to invest to become a millionaire?  |  personal finances

Investing your money in a brokerage account If you set aside $500 per month in one of these, it would “only” take 122 years to become a millionaire. And after 40 years, you’d have a little over $265,000. It’s possible you could end up with a little more if APYs increase, but it’s equally possible they could decrease over time, leaving you with less. Even in favorable circumstances, it’s unlikely you could save $1 million with a high-yield savings account alone.

High-yield savings accounts are savings accounts that offer an APY that’s well above the national average. These APYs were around 2% prior to the COVID-19 pandemic, but the recession has driven them down to about 0.50%, on average.

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