Has anyone with an average salary become a millionaire just by saving money?

Categories Saving Money

Yes!!

Actually almost anyone can retire with $1 million if they simply pay attention to how to do it using the power of compound interest. The example here shows how starting at age 25 and making only $35,000 per year, well below the average US salary, and by putting away only 20% of your salary per year ($7,000) and only getting a 3% increase in salary every year ($1,050 per year) and only investing in conservative investments with a modest 4% return, by age 65, you will have well over $1M in the account. It isn’t hard, it just means doing what it takes to do it.

interest graph

So, for $583.33 per month, over 40 years and you will have $1M in your account.

So, stop buying those expensive cars. Stop eating out as much. Stop smoking or drinking as much. Stop buying all the useless things that we buy as a society and if you do that and you carefully put your money aside, you too can be a millionaire… and you don’t have to even need a great job to do it.

All it takes is less than $20 per hour to start at age 25.

 

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