A million dollars in the bank would be nice. Two million would be even better. Neither of these numbers is quite so unobtainable as you might think.
No matter how much you accumulate, however, you’ll never be able to dive into a vault full of coins like Uncle Scrooge… and survive.
1. You could go slow…
And spend less than you earn.
How much you make – How much you spend = How much you save
2. Or a little faster…
By increasing your income and lowering your expenses (even lower than before).
The more you make – The less you spend = The MORE you save
3. Or even faster…
The more you save + The more your savings grows + The more your savings growth grows… Infinity = $1,000,000 and then some.
Now I’m going to show you something that’s going to rock your world. These are the amounts that individuals at different ages would need to invest today* in order to have a million dollars by the time they turned 60.
*Assuming 8% growth compounded monthly. Nerds.