How much money you need to save each day to become a millionaire by your 60s
Written by Mums Say Radio on April 27, 2020
Hands up if you would turn down the chance to be a millionaire, if the opportunity came along and knocked on your door. We could all do with a bit of extra cash and there is absolutely nothing wrong with aspiring to have the finer things in life. You might think that becoming a millionaire is outside of your reach, but in reality it isn’t. If you saved a specific about of money by each age could lead to you becoming a millionaire by you mid-60s.
For instance, Take a look at this chart (from David Bach’s Smart Couples Finish Rich). Beginning at age 20, it explains how much money you need to put away each day in order to be a millionaire by age 65. At age 20, one only has to put away as little as £2 per day to follow the savings plan. In this day and age, that’s less money than buying a coffee each morning. By age 40, you’d need to save the realistic sum of £20.55 a day to follow the plan. By giving up small luxuries like drive-thru coffees and buying lunch every day, it’s easy to see how anyone who follows this plan could be well on their way to reaching the coveted millionaire status.
This savings plan doesn’t even include investment opportunities. Some people have an eye for smart investments and follow the stock market religiously. However, you don’t need to be this way in order to profit from investments. If you have even a small amount of capital, you can seek the services of a stock broker or investment specialist to help your money go as far as possible.
If you’re curious to learn more about savings plans and investments from real people who have actually seen similar (or even better) results, there are a ton of excellent books on finance and personal wealth. One of the best-selling finance books of all time is Rich Dad, Poor Dad by Robert T. Kiyosaki.
The Wealthy Barber by David Chilton is another excellent read to assist with successful financial planning. And in case you get through those two titles and are eager for more, another great book is The Automatic Millionaire by David Bach.
You may assume that becoming a millionaire is a rarity that only a select few can achieve. However, with some discipline, planning, and a bit of research, you, too, might be able to join the millionaire’s club one day. So print out this chart, and get to work!