These differences speak to the power of compound interest, in which any interest earned accrues interest on itself, and a little money invested now can amount to a lot of money later. Letting your money compound for 10 years won't create the same returns as letting it sit for 30 or 40.
Of course, $6,000 a month is an ambitious goal. Even $6,000 a year is more than most Americans can manage. But getting into the habit of saving any amount will be great for you in the long run, and if this inspires you to get started, the simplest way is to invest in your employer's 401(k) plan, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts, such as a Roth IRA, traditional IRA and/or a health savings account.
You can also research low-cost index funds, which Warren Buffett recommends, and online investment platforms known as robo-advisers.
And a take a page from other self-made millionaires: Here are few of their top savings tips and ways that they develop multiple revenue streams, so that they don't have to worry about relying on only one kind of income.
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