Becoming a millionaire might begin with your mindset — but it also starts with your savings account.
If you're putting away $415 a month starting in your 20s, $651 a month starting in your 30s or $1,300 starting in your 40s, with a six percent return on investment, you're on the path to hitting that milestone by age 67.
But if you're hoping to join the six-figure club earlier, you'll have to start socking away a lot more.
Personal finance blogger Zach of Four Pillar Freedom created a simple chart that breaks down exactly how many years it will take you to become a millionaire, based on your annual savings and rate of return, assuming you're starting from zero.
Zach points out that the less you save, the more crucial it is to invest. "By saving just $2,000 per year with five percent returns, it will take you 66 years to become a millionaire," he writes. "But by saving that same amount with 10 percent returns, you can become a millionaire in only 41 years."
The stock market is volatile and it's never possible to guarantee a 10 percent return rate, but the differences he cites do speak to the power of compound interest and the importance of investing generally.
The chart also doesn't account for the many variables that can affect your wealth over several decades, including windfalls, emergencies and rises or dips in the market. But if you're aiming to retire with $1 million or more in the bank, it can give you a good idea as to how close you are to reaching your goals.
Ready to put your money to work? The simplest starting point is to invest in your employer's 401(k) plan, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts as well, such as a Roth IRA, traditional IRA and/or a health savings account.
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