030 | Saving $1M For Retirement Earning Just $60k/year [Lesson on Saving Early!]

Save Like Dave Podcast

Saving money for retirement can be difficult.

For one thing, it seems SO far off. Many people tend to kick the can down the road a bit longer than they should and then at retirement they are not happy with the results.

At age 30, the average American has saved $45K for retirement. At 40 it’s $63K, at 50 it’s $124K, and at 60 it’s $172K.

Are YOU AVERAGE?

Today I’m going to show you how YOU can save $1M for retirement. Listen in today to find out how YOU can do it.

Yes, it can be done. With faithful saving and a long-term view, YOU will do it. The earlier you start the better.

With compounding, your money doesn't just add up like 2 plus 2 equals 4, but it really compounds or in a sense it multiplies.

See, every year, your money earns money, and then the next year that money plus the growth earns money, and on and on. The longer the time horizon you have the greater that exponential growth will be.

Earning $1M in your lifetime is very doable if you plan and beginning early will make it much easier to accomplish.

For those who have started late, don’t despair! I didn’t even factor in the raises you will likely get or the job changes that could bump your pay up significantly.

Questions for Review:

• Does $1 million dollars in your lifetime seem attainable for you?
• Run the numbers, what would it take for you to earn $1M at retirement? It's time to chart out a plan.

Verse from the Episode: "His lord said to him, ‘Well done, good and faithful servant; you were faithful over a few things, I will make you ruler over many things. Enter into the joy of your lord." -Matthew 25:21