April 17, 2017

Here’s How Much You Need to Save Each Day to Become A Millionaire

Becoming a millionaire often seems so difficult and out of reach. In reality, saving a million dollars is actually as simple as setting aside a chunk of money every single day.

Tiffany McAdams

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The amount of savings needed changes drastically as you get older, so it is always better to start as early as possible. Having some savings already also helps. Here’s how much you need to save daily to become a millionaire by 65:

Here's How Much You Need To Save Each Day To Become A Millionaire

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<p><a href='http://staging.investmentzen.com/news/heres-how-much-you-need-to-save-each-day-to-become-a-millionaire/'><img src='http://staging.investmentzen.com/blog/wp-content/uploads/2017/04/heres-how-much-you-need-to-save-each-day-to-become-a-millionaire_infographic.jpg' alt='Here's How Much You Need to Save Each Day to Become A Millionaire' width='800px' border='0' /></a></p>

<p>Via: <a href="http://staging.investmentzen.com/news/heres-how-much-you-need-to-save-each-day-to-become-a-millionaire/">InvestmentZen.com</a></p>

To become a millionaire by 65, you need to save this* much each day:

(*Assuming monthly deposits and an 8% market return)

With $0 currently saved-

Age:

20 – $6.25/day $190/month $2,280/year
25 – $9.44/day $287/month $3,444/year
30 – $14.34/day $436/month $5,232/year
35 – $22.06/day $671/month $8,052/year
40 – $34.59/day $1,052/month $12,624/year
45 – $55.83/day $1,698/month $20,376/year
50 – $95.01/day $2,890/month $34,680/year
55 – $179.74/day $5,467/month $65,604/year

With $50,000 currently saved-

20 – $0 – With no more contributions at all, you’ll end up with $1,808,180 at age 65!
25 – $0 – At age 65, you’ll have $1,213,670
30 – $2.66/day $81/month $972/year
35 – $10.03/day $305/month $3,660/year
40 – $21.90/day $666/month $7,992/year
45 – $42.08/day $1,280/month $15,360/year
50 – $79.33/day $2,413/month $28,956/year
55 – $159.78/day $4,860/month $58,320/year