Final answer:
By saving consistently and starting early, you can become a millionaire by retirement age through the power of compound interest.
Step-by-step explanation:
The question is asking whether you want to be a millionaire when you retire in 40 years. To answer this question, we need to consider the power of compound interest and the importance of starting to save early in life. By saving a consistent amount each year and allowing it to compound over time, you can accumulate significant wealth by the time you retire.
For example, if you save $3,000 every year for 40 years and earn a 7% annual rate of return, your total savings can multiply nearly fifteenfold. The original $3,000 investment would grow to approximately $44,923.
Therefore, with consistent saving, early start, and the power of compound interest, it is indeed possible for you to become a millionaire by the time you retire in 40 years.