Becoming a millionaire may sound impossible. Millionaire may strike you as a term that’s meant for other people, not you. But that’s just not true.

How long you are willing to give yourself to achieve that goal directly shapes how much money you must sock away each year to get there. If you have 30 years to stockpile your million—as many people aiming toward retirement do—then you have to come up with only $675 a month or $8,100 a year. If you are getting matching dollars from an employer’s 401(k) or other similar retirement plan, you don’t even have to come up with all of that money yourself.

If you want to reach your goal in half the time, I can show you how that picture works as well. But whether there’s an employer match in the picture or not, you’re going to have to be more aggressive in your savings (and perhaps your earnings as well). Whatever timetable you’re looking at, if you put your mind to it, it can be done.

The Millionaire Math
Here’s what happens to your money when it’s put away to grow tax-free:

The 30-Year Millionaire
If, starting today, you can find $675 a month to invest tax-deferred at 8 percent, 30 years from today you will have your $1 million. Here’s where 401(k) plans are so useful. If you are in a 401(k) plan that matches your contribution, you may have to come up with much less money yourself.

If your plan matches 100 percent, you need to save and contribute $328.50 a month.
If your plan matches 50 percent, $450 a month. If your plan matches 25 percent, $540 a month.

The 25-Year Millionaire
If, starting today, you can find $1,050 a month to invest tax-deferred at 8 percent, 25 years from today you will have $1 million. Again, watch a 401(k) plan with a match work its magic.

If your plan matches 100 percent, you need to save and contribute $525 a month.
If your plan matches 50 percent, $700 a month. If your plan matches 25 percent, $840 a month.

The 20-Year Millionaire
If, starting today, you can fi nd $1,700 a month to invest taxdeferred at 8 percent, 20 years from today you will have your $1 million. With a 401(k) match, you need even less.

If your plan matches 100 percent, you need to save and contribute $850 a month.
If your plan matches 50 percent, $1,133 a month. If your plan matches 25 percent, $1,250 a month in the plan and invest another $140 outside your plan.

The 15-Year Millionaire
If you want to get to your million in 15 years, you will need to find $2,900 a month to invest at 8 percent, tax-deferred. If you are in a 401(k) plan that matches, you can contribute up to $15,000 a year or $1,250 a month. You should save and contribute the maximum you’re able.

If your plan matches 100 percent, you’ll need to invest an extra $400 outside your plan—or $1,650 total each month to meet your goal.If your plan matches 50 percent, invest $1,025 outside your plan—or $2,275 total each month to meet your goal. If your plan matches 25 percent, invest $1,338 outside your plan or $2,588 total each month to meet your goal.

The final key to your quest for a million is putting all this money where you can’t get your hands on it. That means having it funneled out of your paycheck automatically and putting it into your retirement plan. You want to make sure you grab as many matching dollars as possible. After you exhaust your ability to contribute to a 401(k), then put money into the following accounts in the following order:

1. Roth IRA
2. SEP-IRA, Koegh or Roth 401(k) for the self-employed
3. Tax-deductible IRA
4. Nondeductible traditional IRA
5. 529 college saving plan
6. Health savings account

The choice is up to you, and my suggestion is you choose wealth.