How to become a millionaire, getting an average salary
Becoming a millionaire is an old American dream that is beyond the reach of most Americans. However, it should come true, as 37% of respondents said they would retire after saving a million, according to the research institute Employee Benefit.
There are many factors that determine whether you can save $ 1 a million or not, including how much you can invest and how fast these investments grow. The most important factor, however, is your age when you start saving.
The table below shows the amount you have to set aside to become a millionaire before 63 years - the average retirement in the United States. Suppose that you can postpone the same amount every month until you reach 63 years, having a profit of 7% per year.
The monthly income data is taken from the 2016 Statistics Bureau of the Year.
| Age | Monthly savings | Monthly income | % of income |
| 20 | $ 305,23 | $ 2,288.00 | 13,35% |
| 25 | $ 442,37 | $ 3,284.67 | 13,47% |
| 30 | $ 647,64 | $ 3,284.67 | 19,72% |
| 35 | $ 962,75 | $ 4,116.67 | 23,39% |
| 40 | $ 1,465.85 | $ 4,116.67 | 35,61% |
| 45 | $ 2,321.68 | $ 4,168.67 | 55,69% |
| 50 | $ 3,947.40 | $ 4,168.67 | 94,69% |
| 55 | $ 7,800.37 | $ 4,134.00 | 188,69% |
| 60 | $ 25,043.73 | $ 4,134.00 | 605,80% |
Obviously, it is much easier to become a millionaire if you start postponing earlier.
Read also on ForumDaily:
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