How to Become a Millionaire by 65 Years Old
Do you want to become a millionaire by age 65? Let me tell you this: Yes, you can! According to financial adviser David Bach,
“Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan.”
Having money to make money is not one of the best kept secrets of millionaires. According to Bach, all you need to do is to make the right decisions. And then have power to act on them.
In a chart, Bach illustrated how you can make $1 million by the time you reach 65 years old. You can refer to it below. (Kudos to our friends at Business Insider for recreating this chart)
The savings chart above illustrates how much money you have to save each day to become a millionaire at your retirement. Aside from the 12% annual returns, the chart also assumes that you are starting with zero dollars saved. Take note that the numbers in the chart are not exact and is exclusive of the impact of taxes and market volatility.
On the bright side, it shows you how a couple of dollars saved each day can make a huge difference in the long run. Lastly, if you want to become rich by age 65, keep in mind that time is your biggest ally. So start investing/saving as early as you can. In short, start NOW!