Your Daily Guide to Millionaire Status

by P.J. DiNuzzo                                                                                                March 12, 2016

Your Daily Guide to Millionaire Status

Chances are, you know that it takes steady savings to accumulate wealth.  A recent article in Business Insider actually calculated how much you'd have to invest each day in order to become a millionaire. 

Suppose your investments earn an average 7% yearly return, and you want to have $1 million by the age of 65.  At age 20, you'd have to invest just $9 a day to achieve your goal-which really makes you rethink the cost of a cappuccino grande and a bagel at Starbucks every morning (typically over $10).  If you start at age 25, then 12 dollars a day would do the trick.  At age 30, your required daily investment goes up to $18, and it stays manageable even at age 35: $27 a day.

Of course, the longer you wait, the more you're going to have to save.  At age 55, your required investment has risen to $189 a day.  If you've waited that long, let's hope you have an enormous income to help you catch up.

Sincerely, 

P.J. DiNuzzo, CPA, PFS®, AEP®, AIF®, MSTx, MBA
President, Founder, and Chief Investment Officer