How to Save a Million Dollars in 10 Years

A common number that people aim to save is $1 million. It’s a solid foundation for long-term retirement and a milestone that many view favorably as they work toward financial goals. Saving $1 million is achievable, but it becomes more challenging the fewer years you have. You’ll need to factor in several variables to maximize savings and make certain investments to reach $1 million in 10 years. You can also work with a financial advisor to manage your assets for the future.

Factors That Contribute to Saving $1 Million

To save $1 million, you’ll need to earn enough to cover living expenses while setting aside a significant portion of your income. There are many ways to accumulate that amount, but the most impactful factors include:

Your income: The higher your regular income, the more money you’ll likely be able to save. Looking for ways to increase that income whether it be through getting a new job, starting a business or working on a side hustle is important in order to save money in a relatively short period of time.
Your savings rate: Saving for the long-term typically brings a recommendation of 10-15% of your income, but if you’re trying to go from $0 to $1 million in 10 years then you’ll likely need to increase that percentage. The exception is if you have a very large amount of income coming in every year.
Your investments: The investments you choose will likely be key to accumulating additional wealth. You could put money into real estate and build value over many years or you could look to invest in historically riskier investments, such as the stock market and aim to accumulate wealth faster.
Your annual expenses: Spending less increases your ability to save and invest. The less you spend, the more you can put away for the future.

How Much Money You Need to Save Per Month

In order to hit your goal of $1 million in 10 years, SmartAsset’s savings calculator estimates that you would need to save about $6,820 per month. This is if you’re just putting your money into a high-yield savings account with an average annual percentage yield (APY) of 4%. If that amount isn’t doable with your income level then you’ll need to make riskier investments in order to hit your goal.

Here are some examples of how much you’ll need to save per month based on what your rate of return might be.

3% Return: Save $7,200 per month
5% Return: Save ~$6,500 per month
7% Return: Save ~$5,900 per month
10% Return: Save ~$5,000 per month

These numbers are just estimates based on a potential annualized return on your investments. Keep in mind that the market can fluctuate quite a bit and it could impact how much you’ll need to save so it’s important to maximize your savings every month if you want to get to $1 million as quickly as possible.

For example, if you’re 35 years old and earn $150,000 per year, setting aside 40% of your after-tax income (around $5,000 monthly) into a diversified investment account averaging 10% annual returns could help you reach $1 million by age 45. Alternatively, someone earning $100,000 per year might pursue a mix of saving $3,500 monthly and aggressively investing in growth stocks or rental property to potentially bridge the gap with higher returns.

5 Steps for Saving $1 Million in 10 years

how to save a million dollars in 10 years

In order to save $1 million in 10 years you’ll need to take all of the above factors into account and then create the right savings strategy that can help you get there. There are five steps that anyone can follow that will help get them down the right path toward the end goal, but the right method of saving to hit $1 million will depend on your own personal financial situation.

Step 1: Determine Your Appetite for Risk

Before beginning down this path of saving $1 million, it’s important to understand how you’re going to get there. Your appetite for risk can guide you because it provides how much of your money you’re willing to risk in order to maximize the potential return at any given time. The amount of risk you’re willing to stomach could be very different based on your age or how much money you have already saved. However, the more risk you’re willing to take on, the more potential return you may be able to earn if the market has a successful run.

Step 2: Build an Investment Strategy

Once you have a good grasp on how much risk you’re willing to take on then you can create an investment strategy that aligns. The investment strategy will be your goal of reaching $1 million within a shorter time period than most save for retirement. You might want to invest in real estate if you’re looking for a slow and stable return while you might want to heavily invest in the stock market if you’re willing to take on more risk. Whatever you choose, the best investment strategies typically will have some level of balance throughout your portfolio.

Step 3: Make Regular Investment Contributions

If you’re going to accumulate $1 million that you save within 10 years then you’ll likely need to set money aside for investments on a regular basis. This will give you the money you need to buy assets so that they can grow over time. The more money you’re able to invest, with the right strategy, the more you’ll be able to have saved after a decade. A regular commitment is a key ingredient to building your wealth.

Step 4: Find Ways to Earn Extra Income

A great way to save more money is to make more money. Whether you can change jobs or take on another job, bringing in more income will make your goal easier to obtain. Many people consider a side hustle or extra project work in order to help fund their ambitious savings goals. Whatever you choose, looking at how you can accumulate more money for saving or investing can be a huge help.

Step 5: Save Money Where You Can

If you maximize how much you can earn and invest, then the next thing you can control is how much you’re spending. Cutting your expenses wherever you can save money that you can put away or invest to grow your total wealth. If you invest the amount of money that you save then the return on investment on cutting costs is much more than just the amount of money you don’t end up spending. This takes discipline and real effort in order to keep your costs as low as possible.

Tips to Help You Build Your Savings Faster

Reaching a $1 million savings goal in 10 years often means combining smart investing with disciplined money habits. Diversifying your portfolio, reinvesting returns, avoiding unnecessary lifestyle inflation, and putting windfalls to work can all help accelerate progress.

Invest in a Diversified Portfolio

Investing is typically necessary to reach a $1 million savings goal in a decade. A diversified portfolio of stocks, ETFs and bonds offers the growth potential needed to supplement your contributions. Historically, the stock market has delivered annual returns averaging around 7% to 10%, which can significantly compound your savings over time. Younger savers or those with longer horizons often take on more equities to pursue higher returns.

Reinvest Dividends and Earnings

To keep your money compounding, reinvesting dividends and capital gains can make a significant difference over time. Many brokerage accounts and retirement platforms allow automatic reinvestment, which keeps your portfolio growing without manual effort. This strategy takes advantage of dollar-cost averaging and long-term market growth.

Limit Lifestyle Creep

Earning more often leads to higher spending, but resisting lifestyle creep can keep more money flowing into your savings. Avoiding major upgrades to housing, vehicles or travel can preserve surplus cash for investment. Many high savers stick to a simple lifestyle even as income rises.

Use Windfalls Wisely

Bonuses, tax refunds, inheritances or stock compensation can be directed toward your savings goal. Rather than spending unexpected cash, using it to max out investment accounts or pay down debt can shorten your timeline. Treating windfalls as investment fuel rather than spending money is a common habit among fast savers.

Where to Place Your Money Once You Reach $1 Million

While the market is a great place to grow your wealth, it might not be the best place to save your $1 million once you build that much. The best practice is typically to have money in multiple accounts to diversify any potential risk. Here are some options available to help you save your money once you reach the $1 million mark:

High-yield savings accounts: A high-yield savings account is a safe place to put your money as it will sit with a large financial institution and you can get up to $250,000 protected by the FDIC. You’ll typically earn between 3% – 4.5% annually on your money (as of May 2025), depending on the bank and account you choose.
Certificates of deposit (CDs): A CD is a low-risk investment option with a low potential payout that provides a safe place to stash your money. You won’t have access to the funds for the duration of the CD’s term without paying a penalty. However, they do typically receive protection for the same amount as a savings account.
Money market accounts: A money market account is similar to a savings account but if you need to access the money more regularly then it could be a good option as it has some similar features to a checking account.
Treasury bonds Treasury bonds can be held for up to 30 years and are backed by the government. The return is typically small in comparison to other types of investments, but they are generally safe.

Bottom Line

Saving $1 million can seem like a daunting task that requires a lot of navigation. The journey may create frustrations and you may need to exercise extreme discipline in order to hit that goal within 10 years. However, with the right strategy and execution hitting the $1 million in savings is something that can change your long-term financial outcome. If you’re not sure you can get there on your own then you can work with a professional to help create a plan or manage your assets for you.

Tips for Investing

Trying to analyze the market and figure out where the best place to invest your money can be hard, but working with a financial advisor can make it substantially easier. A financial advisor can help you make a long-term investment plan and even manage your assets for you. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
As you’re looking at different investment options, it’s important to understand how each investment might impact your overall portfolio. You can use SmartAsset’s asset allocation calculator to see what the suggested portfolio breakdown would be to help you reach your $1 million goal.