Saving $451 a month can make you a Millionaire?
May 20, 2008
There’s an interesting article on today’s Kiplingers.com that talks about how little you need to save and invest every month to reach $1 Million.
According to the piece, you just need to save $451 a month. And it actually shows you have to save money on a bunch of things - like your income taxes and your food bill. Even your health care!
It assumes that you’ll put the money into a retirement account that averages a return of at least 8% a year over the next 35 years.
It makes sense. But I guess I’ll have to cut out my Dunkin’ Donuts coffee. That’s 2 bucks a day for a total of $60 a month.
What do you save per month for retirement? Or do you save anything per month? Let us know.
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