Who doesn’t want to be a millionaire? There’s almost no person on this planet Earth who will say that he doesn’t want to be rich. We are not denying the fact that money can’t buy everything. However, it can buy almost most of the things that you want.
Many people believe that to be a rich person either you have to a successful businessman or born in a rich family. But do you know there are another ways also that will make you a millionaire by age 65?
The key to being a millionaire by age 65 is savings. Yes, a wise man once said that the money saved is equal to money earned.
According to financial adviser David Bach, “Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan. You don’t need to have money to make money,“ David writes in his book Smart Couples Finish Rich. ”You just need to make the right decisions — and act on them.”
David Bach created a chart to demonstrate the process of wealth creation. This chart shows how a person can become a millionaire by saving money everyday, every month or every year. The chart assumes a 12% annual return. Moreover, this chart assumes that you are starting with zero dollars savings.
The chart assumes a 12% annual return. Moreover, this chart assumes that you are starting with zero dollars savings. However, we found few setbacks in this savings chats.
It ignores the concept of tax and inflation on the savings. Furthermore, getting a 12% return seems quite impossible. Despite these few setbacks, it is a brilliantly created chart.
It gives us an idea of how saving at an early age can make a huge difference in our life. Our elders have always asked us to avoid unnecessary expenses. We are sure that after seeing this chart you”ll try to avoid unnecessary expenses.