How To Become A Millionaire On An Average Income

Becoming a millionaire seems like an impossible goal to many. On the other hand, how much can you save each month? It may surprise you to learn that you don't have to save THAT much to build a $1 million nest egg.

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ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.

[matthewwinne]

The key, of course, being a 40 year investment window. Start early, my friends. I started at 30 and I’m kicking myself for not starting at 20. I’m currently at 41 and trying to make up for lost time by depositing as much as I can.

[alphamale]

You are correct. The tough part is to LEAVE IT ALONE IN GOOD TIMES AND BAD!

[frankrusso]

Rob i was like u said I was 32 wife 30 1993 I saved 275 a month with a salary of 69k between us im in my early 60's I'm worth liquid 1750000

[NotShowingOff]

The hardest part is staying employed for atleast 35 years at a rising income. Sheesh

[cyncity]

Depends on age...for those of us who are 50 years old, 200 bucks a month won't do it. I'm assuming we would need to invest a ton per month to accumulate 1 million by the age of 65.

[deevnn]

9% even though a historical average is no longer
accurate...it is probably close to half that number.

[CallsignEskimo-lo]

Yes $1M won't be worth as much in 40 years but its a good start.

[jmc]

If you have $200-300 USD (I’m assuming) avail per mth to invest you’re doing better then majority. Make sure you look at your NET worth vs just cash flow incl any/all debt (even mortgage) to get a realistic picture. Financial planning not just investing.

[holdencawffle]

Rob...im close to pullin the trigger. I think. 43. 1.5m nw. Still plan on workin pt. It's doable. Im close.

[Concatenate]

You could always save a dollar a year for a million years. Although, I bet a million bucks probably won't be able to buy a pack of gum in a million years.

[timladig]

Dave could you do a quick segment on buffered funds? My retirement manager has moved all most all of the monies that I had invested in bonds to buffered products. Love your advice.

[rajvo]

Come on Rob. Explain and factor in that inflation like it should be.

[JeanPierreCrash]

What type of investment gives a 9% return?

[rajvo]

Rob, a million in 40 years will be like 130, 000 today. Come on Rob, come on!!!