Business

This Is How Much You Need To Save Each Day To Become A Millionaire

Unless you’re lucky enough to win big at the casino or inherit a fortune, you likely spend most of your time diligently working toward retirement. Nearly everyone looks forward to the day of their retirement with great anticipation, planning vacations, checking things off the old bucket list, even just dreaming about spending all day sitting around on your back porch and watching the squirrels. Retirement gets more expensive by the year, however, and the question becomes how to save enough to retire in the first place. Is it possible to become a millionaire by simply saving a little each day?

Most of us have some kind of investment portfolio in place, from mutual funds to 401k plans. However, the amount of money needed to live out the rest of your life without having to get that part-time job at the local burger joint seems to grow a lot faster than the average savings account. Retiring a millionaire remains the long-term dream of choice for most working-class Americans, but is it even possible?

[pullquote]As it turns out, retiring a millionaire not only lies within reach but may be a good deal easier than you think.[/pullquote] Of course, your age and current investments both play a significant role in how much you have to set aside each month. Despite the variables, most people who start right away can achieve this goal with a little diligence and planning.

The trick to reaching this lofty goal seems simple. You just need to invest a little every day. Shave out a few small non-essentials, and invest those additional dollars. It might not seem like much now, but after a few years, those little investments will add up to a substantial figure. The difficulty comes from the fact that you’ll need to start as soon as possible. Waiting even five years can drastically increase the amount you need to invest every day.

Take a look at this infographic and see how much you’ll need to start saving today to achieve millionaire status by age 65!

How To Become A Millionaire By Saving Money

Click Infographic To Enlarge

IMAGE: RESIMBUL / INFOGRAPHIC: INVESTMENTZEN.COM

Richard Darell

Richard Darell is the founder and CEO of Bit Rebels, a multifaceted online news outlet that reports daily on the latest developments in technology, social media, design and everything geek. Today this media entity welcomes more than 3.5 million unique visitors per month and is considered the go-to place for people in constant motion. As an Internet entrepreneur, he is dedicated to constantly trying to develop new ways to bring content faster and closer to the end user in a more streamlined way. His excitement for statistics has allowed him to further develop systems that continuously produce accurate and fast-paced analytics to better optimize the approach by which Bit Rebels presents news and content. His graphic design background has proven to be an important tool when designing new systems and features for Bit Rebels since the development of solid and stable code depends entirely on their structure and implemented procedures. Richard currently resides in Stockholm, Sweden and directs the Bit Rebels offices in both Stockholm and Atlanta. You can reach Richard at richard@bitrebels.com