Brian Preston

Brian Preston



Do you know how much you need to save this month to become a millionaire? Or if you will become a millionaire without investing another dime? Follow along to find out if you are a future millionaire (and if that will be enough).

If you start investing at age 20, you only need to invest $95 per month to become a millionaire. That could be less than you spend eating out, on groceries, or on your phone and internet bill.

That's if you are starting from $0. Maybe you started investing before 20 because you had a summer job. If you have $11,318 invested by age 20, you are on track to be a millionaire without investing another dime.

It's not too late for those turning 30. Even if you are starting from zero, you can become a millionaire by age 65 if you can invest $340 per month. The median gross income for a 30-year-old is $40,560 per year, so that means you need to invest just 10% of your income each month.

If you started saving before 30, which many do, you'll need $43,359 invested when you turn 30 to be on-track to be a millionaire (without investing another dollar).

But if you wait until you're 40 surely you are out of luck, right? Anyone turning 40 this year thinking they better start saving for retirement just needs to invest $1,052 per month to become a millionaire at 65.

By 40 the median income in the U.S. is $53,210, so that means the median American - who waited until 40 to start saving for retirement - can become a millionaire by investing 24% of their gross income. That might be challenging, but it is certainly not impossible.

If you started investing before 40, you need $136,237 already invested to become a millionaire without saving another dollar.

Will a million be enough? The short answer is maybe not, depending on your age. Inflation could eat a large chunk of that $1,000,000 away by 65. If you are in your 20s or 30s, $1,000,000 at 65 might only be the equivalent of $300,000-$400,000 today.

Combined with Social Security, that might be enough to get by, but it isn't enough to live a life of abundance and it's probably not what you want to strive for.

$1,000,000 is attainable to almost anyone if you start saving and investing young enough. We love to get young savers excited by showing them just how attainable it can be.

We strongly believe that once you start investing and building that discipline into your financial life, you aren't going to stop. If a 20-year-old starts investing $95 per month at age 20, there is a 0% chance they are just going to invest the same $95 every month until 65.

Just like any habit, investing for retirement becomes addictive. Start with $95 per month at 20, or $340 at 30, or even $1,052 per month at 40.

If you start you won't stop - eventually you'll find yourself investing 25% of your income for retirement, and you might even find it hard to stop there.

We often hear from Financial Mutants saving 30%, 40%, 50%, or more of their gross income for retirement. Start small and soon you'll be on the path to abundance.

There weren't enough characters to dive deep into the numbers on retiring with $1,000,000, but we did it on a recent show. We discuss whether $1,000,000 is enough by age, and if it isn't how much exactly you may need to save and invest to retire.

Becoming a millionaire is attainable and even easy if you get the discipline and behavior right. However, depending on your age, $1,000,000 might not be enough to comfortably retire on. Strive to invest 25% of your gross income for retirement as soon as possible.

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