If you're putting away $500 per month, you're on track to become a millionaire in 33 years. Bump those monthly contributions up to $1,000 per month and it will only take you 25 years to reach seven figures.
While experts recommend saving up $1 million by the time you retire, typically around age 67, you might be on track to hit that milestone at a much earlier age.
How close are you?
Check it out below. Keep in mind that the chart assumes you're starting with zero savings and earning a seven percent rate of return.
Zach points out that, with diligent saving habits, it's possible for anyone to become a millionaire in 30 years if they're able to save and invest $10,000 a year. That's about $833 per month, which isn't outright impossible, but is still a far cry from the total amount most Americans have in savings: less than $1,000.
The chart also speaks to the power of compound interest.
"Anyone can become a millionaire before the traditional retirement age of 65 by saving only $4,000 per year starting at age 20," Zach writes. That averages out to around $333 per month, which is still a substantial sum for many, but doable if you get started early.
No matter how close you are to becoming a millionaire, the key takeaway is to save whatever you can as soon as you can. The financial consequences of mismanaging your money only become more pressing as you get older, so it's important to develop good savings habits early.
If you're 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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