How much do I need to save to become a Millionaire?

How do you eat an elephant?

Answer: One bite at a time.

How do you become a millionaire?

Answer: One day at a time.

Think about saving to become a millionaire in daily terms— how much must you save each day. This makes it easier to identify how you can get the money to save. Depending upon your current age (and assuming that you have no savings at present) the following table lets you estimate the AVERAGE daily saving that you need to do each year to become a millionaire.

For those under age twenty, the TEEN FACTOR™ provides a quick estimate of how much you need to save to become a millionaire. It works as follows: if you are between age 15 and 20, divide your age by 4. That is how much you need to save each day (if you invest it at 9 % p.a.) to have a million dollars by age 65. For example, a 16 year old only needs to save $4 (approximately $1,400/year). Below is a table with greater detail.

NOTE: The following amounts are fixed for life if invested at 9% p.a. For example: If the sixteen year old begins saving $4/day at age 16, this amount never increases during his or her lifetime if it is invested for a long run return of at least 9% p.a.

NOTE: The following amounts are fixed for life if invested at 9% p.a.
Age at which Saving Begins	Daily Savings	Monthly Savings	Annual Savings
1	$1.00	$30.25	$363
5	$1.30	$39.30	$471
10	$2.20	$66	$793
15	$3.36	$101	$1,227
16	$3.67	$110	$1,340
17	$4.05	$122	$1,478
18	$4.37	$131	$1,595
19	$4.75	$143	$1,734
20	$5.21	$156	$1,901
25	$8.10	$243	$2,960
30	$12.70	$371	$4,635
35	$20.10	$603	$7,336
40	$32.35	$970	$11,806
45	$53.55	$1,607	$19,546
50	$93.31	$2,800	$34,058
55	$180.32	$5,410	$65,820