How much money you need to save every day to become a millionaire

Jessica Brown@Jessica_E_Brown
Saturday 10 December 2016 11:00
Viral

Millionare status is something we only ever dare to dream about when we pick up a lottery ticket or come up with a genius business idea while falling asleep, only to wake up and realise that no one would buy a combined pizza cutter and toy car.

But Bright Side has devised a chart showing how anyone can have $1m in their account by the age of 65, based on the advice of financial adviser David Bach in his book Smart Couples Finish Rich.

Bach writes in his book:

Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan.

You don't need to have money to make money. You just need to make the right decisions — and act on them.

This chart, based on advice in Bach’s book, shows that daily savings from as little as $2 per day, if you start at the age of 20, can build up to $1m by the age of 65 – although the data doesn’t account for taxes.

How to be a millionaire by 65

Starting Age Daily savings Monthly savings Yearly savings
20 $2.00 $61 $730
25 $3.57 $109 $1,304
30 $6.35 $193 $2,317
35 $11.35 $345 $4,144
40 $20.55 $625 $7,500
45 $38.02 $1,157 $13,879
50 $73.49 $2,235 $26,824
55 $156.12 $4,749 $56,984

Enjoy that retirement in the Bahamas.

More: This woman made one million in 24 hours with one idea

Trending