Ah, money. I wonder what it feels like to have a lot of it?

A new study from GOBanking Rates recently did some research to find out how long it would take to become a millionaire in all 50 states. They looked at several different factors:

"The study takes into account annual incomes, annual consumption expenditures and savings per year."

Now, this is based on a person who is making the average median income in their particular state. They took that number and then subtracted the average cost of living. Then whatever was left over would have to be invested, with a 5.5% return on investment.

So how long would it take to become a millionaire in our great state? Approximately 51 years. The study says:

"The median household income in Iowa is $56,247, and the average spent per capita on personal consumption is $37,652. If you invest what’s left over, you could be a millionaire in 51 years; if you put it into savings, you’d be a millionaire in 54 years."

One thing is for sure after reading this study: I am literally never going to be a millionaire.

Read the rest of the results HERE.

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