The amazing power of beginning early
Who wants to be a millionaire?
For many people, having a million dollars might seem like being elected President—a worthy but unattainable goal.
But getting to a million might not be that hard if you know the secret: time.
If you give your savings enough time to grow, you'll only need relatively small investments of money—made consistently—to wind up with a pretty big balance.
How much do you think you'd need to save each year in order to reach a goal of a million dollars? $20,000? $50,000?
In fact, if you save just under $4,500 per year over a 45-year career, you could have over $1 million by the time you retire. And if you have the opportunity to invest in a retirement plan that offers a matching contribution from your employer, your yearly investment could be as small as $2,200.