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.