How much to save in order to save a million by 30 years
If you start saving money at an early stage, the task of becoming a millionaire becomes not so difficult, writes CNBC.
Фото: Depositphotos
If you start from scratch and earn an 6% rate of return, then you need to save $ 1000 per month to become a millionaire by May 2048.
If you already have savings. And let's say you saved up $ 10 thousand, then you need to save $ 950 per month to become a millionaire by March 2048. If your savings are $ 50 thousand, then you need to save $ 700 to become a millionaire by May 2048.
According to NerdWallet, Millennials have free $ 670 every month that they can save. If you invest with the 8% rate, you can become a millionaire by the year 31.
However, various factors such as inflation, rising or falling in the market can affect your savings.
Below are a few simple ways to start saving money:
- Sign up for 401 (k) and get the full benefits your employer gives. So you can get extra money.
- Invest in a Roth IRA or a traditional IRA. These are two retirement accounts that offer tax breaks.
- Use applications, such as Acorns, to help you start saving small amounts. The app rounds your purchases and sends the balance to a savings account.
- Take advantage of automated investment services such as robo-advisors. They will help to save money, despite the amount of money you have in your account.
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