How much money do I need to invest to reach my goal of $100,000 in 20years investor.gov calculator

So, one of the most common questions I've been getting is, "How much do I need to invest in order to reach my goals? Do I need to put in more in the beginning? Do I need to put in more every month? What's the best formula?" So, the answer is the best formula is depends on your expenses of your life. Do you have more money in the beginning put away to be able to put into a fund or do you have more money on a monthly base? So I found a website that gives a very clear good savings goal calculator. It's investor.gov. I n s o r.gov investor.gov. They have beautiful calculators over here. Beautiful tools that you can see for yourself. All of a research stuff about investing and about putting away for college, putting away for retirement, putting away for your savings goals. So, if you hover with your mouse on the top bar, you see financials right over here on the top, financial tool and calculator. Just hover, don't click. Move down with your mouse all the way to savings goal calculator. Click on that and let's start. We have a goal savings of let's say $100,000. We want to reach $100,000. And then initial investment, we will put zero. And then years to grow, we have 20 years. Kid is born, you want to, let's say, put away for his wedding. In 20 years from now, you want to have $100,000 to marry off your child. You put in zero investments. I don't have any money now to put down. And we have years to grow 20. And then we're going to put estimate rate of 10% as the S&P 500 did an average of 10% in the past 20 30 years. Do annual, no, monthly or manual doesn't make a big difference. And then hit calculate. Once you hit calculate, it's going to populate exactly if you contribute $131.69 every month over the next 20 years towards your goal, you will have $100,000 in savings. Then you can move down, see the chart. It shows you a very clear chart how it works. You can click on show table and it's going to show you how it works. Year number one, year number two, all the years. By the end, you'll scroll down. You'll see your contribution was $33,000 and you have a total of $100,000. Now, what is if I have a six-year-old or an 8-year-old and I want to know, do I need to put down anything in the beginning? What should I do? So, if you have, let's say, the same goal of $100,000 and you have a six-year-old, so we need $2,000 per year that you missed. Let's put in $12,000 because he's six years old now. So, we're putting in $12,000 as the initial investment. We only have 14 years to go. as year six to reach the 20 is only 14 years. Calculate you will still need $141 per month to reach the goal and you put in $12,000 in the beginning. And the same as with all your other kids, you can calculate by the age, put $2,000 per year for the beginning. So if the kid is only three, put $6,000. If the kid is eight, put $16,000. Same kid. If you don't have the $12,000 and you only want to put in zero in the beginning and you hit calculate, instead of 141, you will get up to $274 a month. So, it depends in your financials. It depends how much money you have to put down at the beginning. The more you put down in the beginning, the less you have to do on a monthly base. Now, let's look at a reverse how to do a compound interest calculator. On the left side over here, you'll see compound interest calculator. And you can go the reverse way. Let's say we have an initial investment of $5,000 and then you're going to do a monthly contribution of $100 and you want to know how much is going to be in 20 years from now. So let's put over here 20 and you do interest rate as a 10% again monthly and hit calculate. By the end you will end up having $112,000. This is how you can calculate. This is a beautiful website where you can calculate all your needs. what you need, how much to invest, and how much to start off, and what to do your monthly additions. Thank you for watching.