You can be rich in many areas of your life, but there’s something about having a million bucks in the bank that is just well, impressive. The title of “millionaire” has a nice ring to it, you know?
And it turns out, even if you don’t have a high income or rich parents you too can become a millionaire. You just need to save and invest.
It makes sense of course – you put a little away each week, invest it in the stock market and eventually, that sum will add up to a million dollars.
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So exactly how much money do you need to save (and invest) each week if you want to have $1,000,000 saved up by the time you reach the retirement age of 67?
Using four starting ages, and going off a conservative return rate of six percent per year compounded annually (meaning nothing is withdrawn and all the returns are reinvested) they’ve come up with how much money you’d need to put away depending on if you start at age 23, 30, 35 or 40.