According to CNBC, becoming a millionaire may not be as impossible as you think. All it takes is a little planning and a little saving.
A new report by NerdWallet provides a simple chart that tells you how much money you have to save each month in order to have one million dollars by the time you are 67. Of course, the earlier you start, the less you have to save each month!
Here is a breakdown of how much you have to save each month, by age:
Age 23: $415 (about $14 a day)
Age 30: $651 (about $22 a day)
Age 35: $912 (about $30 a day)
Age 40: $1,300 (about $43 a day)
Not that bad! The report goes on to say the easiest way to get started is by investing in your company’s 401k plan. You can also look into alternative retirement savings accounts like IRA, Roth IRA, or a health savings account.
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Delta passenger threatened with jail over seating (video)