The website (CNBC) published a report prepared by Jasmine soknanan in which she explained how to invest your money if you are at the age of 45 to reach the achievement of a million dollars by the age of 65, and the report identified the amounts to be invested each month to achieve this investment goal, which can be a very successful way to grow your money.

The report says that it may seem daunting at first, but starting with small steps can make a difference and that the sooner you start, the more time your money should grow. The report points out that there are 3 very important elements in terms of investing your money that you need to keep in mind if you want to achieve this goal.

**There are 3 very important elements of investment that play an important role in achieving this goal.**

These elements are the amount you contribute each month, the rate of return, and how long you have to reach your goal.

Taking this into account can help you pave your way to financial independence, no matter what it means for you, even if it means getting a million dollars.

We asked Brian estevers, financial consultant and founder of "estevers financial services", to help us calculate how much money a 40-year-old can invest every month to get a million dollars by the age of 65. He also compiled the figures to help us figure out how much people will contribute to investing every month to become millionaires if they wait only 5 years after reaching the age of 40. Here's what we found:

### How much does a 40-year-old need to invest to become a millionaire

When performing the calculations, estever calculated 3 different rates of Return: 3% (a conservative portfolio of mostly bonds), 6% (a mix of stocks and bonds), and 9% (a portfolio heavy in stocks or containing Index or mutual funds that yield about 9% on average).

Estever used the retirement age of 65, which would give those at the age of 45 only 20 years to save. And here's how much people at the age of 45 will need to invest every month to become millionaires by the traditional retirement age:

Making investments that yield an annual return of 3%, a 45-year-old should invest $ 3,100 a month to reach a million dollars by the age of 65.

If they instead contribute to investments that give an annual return of 6%, they will have to invest $ 2,200 per month for 20 years until they end up with a million dollars.

But if they choose investments that yield an annual return of 9%, which is relatively more aggressive, they will need to invest $ 1,600 per month for 20 years to reach a million dollars.

If you are going to start investing for an annual return of 9% only 5 years before the age of 40, you will need to contribute $950 per month to reach a million dollars by the age of 65. That means contributing $650 a month less than you would have to contribute if you waited until age 45.

The earlier you start investing, the less you contribute to your investments to reach a million dollars because compound interest is strongest when you have a longer period of time to grow your money.

Choosing investments that yield an annual return of 9% will make you need to invest $ 1,600 per month for 20 years to reach a million dollars.

Depending on your circumstances, making such strong contributions can seem stressful, especially since as you get older you may incur expenses that you didn't have when you were younger, such as raising a child, caring for elderly parents, paying life insurance premiums, or even paying tuition for children who are about to attend college.

All these costs can make it difficult to simultaneously make solid contributions to your investments. However, keep in mind that even making smaller contributions can grow and may have a profound impact on your financial situation over time. Starting with something is more impactful and would put you in a better position than if you were not investing at all.

So even if you can't afford to invest $ 1,600 a month, the sooner you start investing the more compound interest you did because time did the magic.

If you are very new to investing, or your income is so fluctuating that you don't know how much money you can comfortably invest, you might consider an app like Acorns, which allows users to invest the "spare change" they get from making everyday purchases such as coffee, textbooks, and clothes. In other words, you are investing using the change from purchases that you were going to make anyway.

And if you have some money to invest but cannot afford a full share of the companies you are interested in, other applications such as "Robinhood" allow you to invest in partial shares, and a partial share is a portion of the share of shares based on the amount of money you want to invest instead of the number of shares you want to buy for less than one dollar. That way you can still win the game.

But if you are more comfortable with a hands-off approach, some applications - such as (Wealthfront) and (Betterment) - use automated advisors to help you decide which investments make sense for you; based on risk tolerance, goals, and retirement date.

Automated advisors also take over the task of automatically rebalancing your portfolio whenever you get closer to the target date of your goals (whether it's retirement, or buying a house). That way you don't have to worry about adjusting the customization yourself.

It is also important to note that when investing in stocks you should not just throw your money at random individual stocks; a tried and true strategy is to invest in index funds or ETFs that track the stock market as a whole, such as the "S&P 500" index (S & P 500). According to Investopedia, the "S & P" index has historically returned an average of 10 to 11% per annum, so you might expect a fund that tracks this index to achieve similar returns, and also note that past returns do not guarantee success in the future.

**Conclusion**

Investing can be a very successful way to grow your money, and it may seem daunting at first, but regardless of your money goals, starting with small steps can make a difference. But if your goal is really to pave the way for you to reach a million dollars, then the sooner you start, the more time your money should grow.