Fastest way for me to become a millionaire
I currently have $208,388.32 invested in the following manner -
- 401k - FXAIX - $47,727.00
- 401k - FSSNX - $18,153.12
- 401k - FSMAX - $7,395.94
- Vanguard Brokerage - VTIAX - $7,499.49
- Vanguard Brokerage - VTSAX - $62,311.75
- Roth IRA 1 - VTSAX - $35,014.74
- Roth IRA 2 - VTSAX - $16,852.70
- HSA - VASGX - $1,371.15
- 401k - 2 - ZBGRIT - $8,926.46
- 401k - 2 - ZBGRNT - $3,135.97
- TOTAL - $208,388.32
I want to get to a million dollar net worth as quickly as I can.
Based on the math I did, if I invested $51,000 each year in the following manner -
- 401k - 1 - $19,000
- 401k - 2 - $14,000 (Wife’s 401k provider does not allow contributing more than 50% of the paycheck, and that comes up to around $14,000 per year)
- Two Roth IRA accounts - $12,000
- Taxable investment account - $6,000
- Total - $51,000
In 10 years, at 5% compound interest, I will have - $1,026,195.55.
This means, investing $4250 per month for a period of 10 years. I am committed to do this, but before I embark on this daunting task, I wanted your opinion on this. Is my math correct? Is there anything else I am missing? Your advice is much appreciated.
If there is anything else you need to know about my financial situation, please let me know. Thanks!