How to All But Clinch a Millionaire Retirement
If you can save just a few bucks a day and invest it, you could become a millionaire -- at least eventually. When it comes down to it, three ingredients will determine whether you reach that goal: How much you save, how much you earn on your savings, and how long you allow your savings to grow.
If you want to reach $1 million, you can adjust each ingredient until you reach a combination that will hopefully work for you and your situation. Remember to keep your target numbers within reason. It's not reasonable to think that you'll be able to save for 120 years and retire at age 138. It's also not reasonable to expect 20% annualized returns from your portfolio year in and year out. But many people will find that with dedication and consistency, they'll be able to get to their goal by a typical retirement age.
Finding room in your budget for savings may not be easy. If you're used to living paycheck to paycheck, you'll have to cut some things in order to save. Try to keep things you value most while cutting things you spend on but receive minimal value from. Even if it's just a few bucks a day, it can add up.
Source Fool.com
