How Long It Takes To Be A Millionaire In Minnesota
A Website called Go Banking Rates looked at how long it would take you to become a millionaire in every state. The results varied greatly depending on location.
The study was based on three things; median income, average cost of living and taking the difference and investing at a 5.5% return rate. I'm horrible at math so I'm not sure how it's all calculated or what it means.
But, I do know that the study ended up finding that in Minnesota, you'd be a millionaire at age 47 if you followed the investing strategy above. I'm sure it's way more complicated than that. In Minnesota the median household income is $65,599. It's way more than the national average. Minnesota is one of the faster states for becoming a millionaire.
The fastest state is Maryland where it will take you about 28 years to become a millionaire. The slowest state is pretty laughable. In West Virginia you're likely to die before reaching millionaire status. It would take you 110 years--WOW, WHAT?!
So, Minnesota is a great state to be if you want to achieve millionaire status by your 40s! Retire early in your vacation home on Lake Minnetonka! Hey, a girl can dream.