9) Being Sure to Save Money Along the Way
One of the most surefire ways to reach millionaire status is to save money whenever you can. Setting aside some of your income each month will ensure that your wealth will continue to grow. And if you implement a savings plan early on, it will become a force of habit. You can work towards $1,000,000 by the time you turn 65, in time for retirement, just by saving well. According to Business Insider, the table below shows a saving scheme based on monthly savings contributions of $400 with a 6% return. For example, if you start this savings plan at 35, you must already have $98,992 to stay on track. This shows the benefit of starting early. If you first start at age 20, even with nothing, you can definitely reach your goal in the end. You can also use this scheme to adjust your saving habits as needed.
Age Amount You Should Have Saved:
40 ——————- $161,573
60 ——————–$720,579[adrotate group=”3″]