How to become a millionaire!

How to become a millionaire!

Here is a simple strategy on how to become a millionaire!

I’m fascinated about becoming a millionaire and I want to share with you a simple strategy on how to become a millionaire. Below is a list of what you’ll need to save each month at each age milestone. The illustration really drives home the point of compound interest. If you want to become a millionaire it’s time to start saving today!

The assumption is a simple 10% rate of return, which is roughly the historical average of the S&P 500. So lets assume you start saving money every single month at the age below you’ll be a millionaire at the age of 65.

Here is how to become a Millionaire!

If you are 20 years old: 45 years of compounding growth. All you need to save is $111 per month

If you are 30 years old: 35 years of compounding growth. All you need to save is $292 per month 

If you are 40 years old: 25 years of compounding growth. All you need to save is $805 per month 

If you are 50 years old: 15 years of compounding growth. All you need to save is $2,490 per month

If you are 60 years old: 5 years of compounding growth. All you need to save is $12,959 per month 

If you are 65 years old: 0 years of compounding growth. All you need to save is $1,000,000 for one month 

As you can see the key piece to becoming wealthy is starting young and save as much as you can in the beginning. And if your not young you can still get there you just have to add an extra bit of hustle! I remember as a teenager thinking the only way to become a millionaire is by doing something amazing in order to have a huge income, like a doctor or a movie star. But more often millionaires have hit that $1,000,000 mark by good old fashioned hard work and savings discipline. If you are interested in learning more about millionaires I would highly recommend “The Millionaire Next Door”. This book opened my eyes as to who millionaires really are and what they’re not.

I hope this post helped.

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About Donnie Gardner

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