I Asked ChatGPT How Long Becoming a Millionaire Would Take on a $60,000 Salary

Core Insights - Earning a five-figure salary, such as $60,000 annually, can lead to millionaire status over time, with the average U.S. wage being $67,920 as of May 2024 [1][2] Financial Strategies - The time to reach a $1 million net worth on a $60,000 salary depends on savings, investment returns, and expenses [3] - Saving $10,000 per year (17% of salary) would take 100 years to reach millionaire status due to lack of investment growth [4] - Saving and investing 20% of salary ($12,000 annually) with a 7% return could achieve millionaire status in approximately 30 years [5] - Saving 30% of income ($18,000 per year) and investing at a 7% return could lead to millionaire status in around 25 years [6] - Aggressively saving 40% of annual pay ($24,000) with a 7% return could result in a $1 million net worth in about 21 years [7] Conclusion - To become a millionaire on a $60,000 salary, investing is essential, and adopting a frugal lifestyle and increasing income can expedite the process [8]