This is how much you need to save every day to become a millionaire by the time you're 65
Yes, you could still be in with a chance of becoming a millionaire by 65 if you save a bit of money every day.
It may be near impossible for young people to think about hopping on the property ladder anytime soon, but apparently, becoming a millionaire might be an easier feat.
And it's not as much money as you may think, although, if you're over the age of 25, you'll have to get cracking.
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Financial advisor David Bach - who wrote a book about money management called Smart Couples Finish Rich - has come up with a chart working out how much people of different ages need to save if they want to be a millionaire by 65.
Bach pointed out that starting to save as early as possible is key, as per Business Insider - sorry to any 64-year-old's who may have just stumbled across this.
But just how much cash do you need to stash away each day to be in with a chance of millionaire status?
Well, Bach writes in his book: "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. You just need to make the right decisions - and act on them."
However, Business Insider points out that Bach’s chart (which is calculated in dollars) doesn’t take taxes into account and his estimations assume a 12 percent annual return. Plus, it’s more than a few years old, so doesn’t take into consideration the cost of living crisis that’s currently bleeding us all dry.
That said, it’s still a nifty saving template for anyone partial to ten Starbucks visits a week - especially seeing as Bach advises against buying small daily treats like coffee and instead saving the money.
According to Bach’s calculations, anyone who is aged 20 should try and save $2 a day (which totals $61 a year and $720 annually) if they want to be a millionaire by 65.
If you’re 25, that jumps to $3.57 a day ($109 per month and $1,304 per year) and for all you 30 year olds, that’s $6.35, $193 and $2,317 per day, month and year respectively.
35 year olds will need to save $11.35 a day, $345 a month and $4,144 a year while 40 year olds are advised to save $20.55 daily, $625 weekly and $7,500 annually.
45? Better make that $38.02 a day, $1,157 a month and $13,879 a year. And if you’re 50, you’re cutting it pretty fine, so you’ll need to make sure you put aside $73.49 a day, $2,235 a month and $26,824 a year.
There you have it. So, put down the donut, delete the delivery apps and consider cutting your pub visits down from once a day to once a week.
Aisha Nozari