How Much Money Do You Need To Save Daily To Have A Million By Retirement
The safest way to become a millionaire is to save money. And the earlier in life you start, the easier and cheaper it is. Yes, it is as simple as that. Think about it. By putting a little bit aside every single day, the money pile really adds up. So, by the time you’re 65 and retired from your work, you can live in the comfort of having one million dollars to fall back on.
And to be fair, there are a lot of days in a person’s life from the time they start having their own income by the time they reach retirement. So, if you start to save money when you’re 20, you’ll need to put very little aside every day, instead of starting it at when you’re 30, or 40, or 50.
In his book “Smart Couples Finish Rich,” financial adviser David Bach says that “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,” he continues. “You just need to make the right decisions — and act on them.”
So, in order to make it even easier for us, Bach made a simple chart detailing the sum of money people need to save on a daily basis so as to reach one million by the time they’re 65. It represents the sum of money needed each day, month, and year, depending on the age when you decide to start saving.
For simplicity’s sake, the chart doesn’t take into account several things like taxes. Nevertheless, this chart, as simple as it is, does paint a clear picture. It shows just how easy it is to make something happen with commitment and enough patience. So, depending on your age, a simple change in your daily routine like skipping one cup of coffee or quitting smoking can add up over the years.