Personal Finance

Here's how much you need to save each month to become a millionaire

Based on your age, you'll need to save different amounts in order to be rolling in the dough at 65.

Person counting U.S. $20 bills.
Elise Amendola / AP

Becoming a millionaire can seem like a pretty lofty goal — or even just a fantasy. But according to financial adviser David Bach’s 2002 book “Smart Couples Finish Rich,” all it takes is a little planning.

Start early (or, at least, now!)

According to Bach, the key to getting rich is sticking to a savings and investment plan as early as you can.

Bach created a chart, which we’ve re-created using updated data from 2022 from MarketWatch, to illustrate how you can build your wealth over the years.


The key is to invest

The key to accumulating wealth is to not just save money but to invest and let it multiply. According to the authors of “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” millionaires invest 20% of their income on average (and the majority of them live well below their means).

Robert T. Kiyosaki’s advice is similar in “Rich Dad, Poor Dad: What The Rich Teach Their Kids About Money That The Poor And Middle Class Do Not!."

Earning a lot of money won’t automatically lead to wealth. It’s how much you keep and what you do with it that counts.

Experts advise against taking money out of your 401(k)
Experts advise against taking money out of your 401(k)

Experts advise against taking money out of your 401(k)

Financial distress is leading Americans to pull money out of their 401(k) retirement plans at an alarming rate.


It's not too late to start saving

Whether you are just starting to save money now or want to increase your investments (to get that oh-so-essential return!), the process can be confusing and overwhelming. Don’t give up, though.

As “The Millionaire Next Door” authors William Danko and Robert Stanley advise, financial planning takes time — but it’s time very well spent.

The long and short of it: The next time you’re thinking of getting that coffee or green juice, you might want to consider setting that money aside instead. It will definitely pay off in the long run.

This story was originally published by Carina Wolff at