With a 4 percent rate of return: $292,465
With a 6 percent rate of return: $354,997
With an 8 percent rate of return: $434,675
It's important to keep in mind that these calculations don't account for the many variables that can affect wealth over several decades, including windfalls, emergencies and rises or dips in the market. And, of course, saving hundreds or thousands of dollars a month is an ambitious goal, more than most Americans can manage.
Still, getting into the habit of regularly saving any amount will be great for you in the long run.
Here are a few simple, low-stress ways to start investing:
- Sign up for your employer's 401(k) plan and take full advantage of any company match, which essentially gives you free money
- Contribute to a Roth IRA or traditional IRA, a tax-advantaged individual retirement account
- Consider automated investing services known as robo-advisors that can help you out no matter how much you have in the bank
- Research low-cost index funds, which Warren Buffett recommends
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This map shows how much money Americans earn in every part of the US