When it comes to retirement (or even life in general) we would all love to have a million dollars sitting in the bank.
Well, it is possible and achievable to build up this nest egg by the time you’re 65.
Business Insider has revealed exactly how to do it and it all comes down to saving and investing a certain amount of money every month, depending on your age.
You don’t need loads of money
“Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan,” financial adviser David Bach explained in his book Smart Couples Finish Rich.
He believes you don’t need money to make money, you just need to be smart with the money you have.
To break it down he created a table (which we have recreated below) that details how much money you need to put aside to build up to one million dollars.
David Bach created a table of how much you have to save to achieve $1million for retirement. Source: David Bach, Smart Couples Finish Rich
The table is a brilliant guide to keep you on track
Building the chart Bach assumes that you’re starting out with zero dollars invested and it predicts a 12 percent annual return on your investments.
The chart is definitely something to consider next time you’re thinking about splurging on a second coffee or a pair of shoes that you really don’t need.
With a bit of saving and discipline, we could all be millionaires by the time we’re 65! Here’s hoping …
