How Long it Will Take to Become a Millionaire in Maine
A new study figured out how long it would take the average person to become a millionaire in every state.
Go Banking Rates based the study on three things: The median income, average cost of living and then taking the difference and investing it at a 5.5% return rate.
So, if you are itching to be super duper rich - move to Maryland where it will only take you 28 years, because of the high income. The other fastest states are Utah, at 31 years, Alaska and Hawaii, both at 33 years and New Jersey, at 36 years.
The slowest to become a millionaire is West Virginia, where it would take you 110 years. So, you will be dead, before you hit $1 million.
How long before you become stinking filthy rich in Maine? Great question...
We came in as one of the 5 slowest to hit the jackpot. The rest of the slowest states are, Montana, at 104 years, Vermont, at 96 years and Louisiana, at 89 years.
I guess we will all have to be happy to be thousandaires.