Truly Simple Strategy For Becoming A Millionaire By The Time You Reach Age 65

Most people believe that the only way to become rich is to be born in a wealthy family!  Or maybe win the lottery. But that’s not always the case!

There is a way to build a million-dollar account by age 65 without being born wealthy.

The way to become rich is to start investing at a young age.  Financial adviser David Bach advises, “Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan. You don’t need to have money to make money,“ David writes. ”You just need to make the right decisions — and act on them.”

Bach created a chart showing how much money you need to save each day, month, or year to have $1 million in your bank account by the time you turn 65. The chart assumes you’re starting with zero dollars invested, and it also assumes a 12% annual return.

savings plan

Although the numbers in the chart are not exact (for simplicity reasons, it does not take into account the impact of taxes), they give you an idea of how saving a few dollars each day can make a huge difference over time, especially if you start saving money at an early age.

So the next time you decide to spend a couple of bucks on knickknacks, remember this chart and consider redirecting that cash to your savings.

(Source)

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