How much you need to save to become a millionaire

How much you need to save per day to become a millionaire by age 65?

To illustrate just how attainable the dream of becoming a millionaire could be lets look into an example.

Let’s assume a 9% return on investment and lets start the investments from birth assuming parents start saving for their children immediately.

With a compound interest calculator we can see that with a monthly contribution of 23$ we reach more than a million by age 65. This amounts to saving a measly 74 cents per day.

What do you think can you save 74 cents every day?

Year Year Deposits Year Interest Total Deposits Total Interest Balance
1 $276.00 $13.83 $276.00 $13.83 $289.83
2 $276.00 $41.02 $552.00 $54.85 $606.85
3 $276.00 $70.76 $828.00 $125.61 $953.61
4 $276.00 $103.29 $1,104.00 $228.90 $1,332.90
5 $276.00 $138.87 $1,380.00 $367.77 $1,747.77
6 $276.00 $177.78 $1,656.00 $545.55 $2,201.55
7 $276.00 $220.35 $1,932.00 $765.90 $2,697.90
8 $276.00 $266.91 $2,208.00 $1,032.82 $3,240.82
9 $276.00 $317.84 $2,484.00 $1,350.66 $3,834.66
10 $276.00 $373.55 $2,760.00 $1,724.21 $4,484.21
11 $276.00 $434.48 $3,036.00 $2,158.69 $5,194.69
12 $276.00 $501.13 $3,312.00 $2,659.82 $5,971.82
13 $276.00 $574.03 $3,588.00 $3,233.85 $6,821.85
14 $276.00 $653.77 $3,864.00 $3,887.62 $7,751.62
15 $276.00 $740.99 $4,140.00 $4,628.61 $8,768.61
16 $276.00 $836.39 $4,416.00 $5,465.00 $9,881.00
17 $276.00 $940.74 $4,692.00 $6,405.73 $11,097.73
18 $276.00 $1,054.88 $4,968.00 $7,460.61 $12,428.61
19 $276.00 $1,179.72 $5,244.00 $8,640.33 $13,884.33
20 $276.00 $1,316.28 $5,520.00 $9,956.61 $15,476.61
21 $276.00 $1,465.64 $5,796.00 $11,422.25 $17,218.25
22 $276.00 $1,629.02 $6,072.00 $13,051.28 $19,123.28
23 $276.00 $1,807.73 $6,348.00 $14,859.00 $21,207.00
24 $276.00 $2,003.20 $6,624.00 $16,862.20 $23,486.20
25 $276.00 $2,217.00 $6,900.00 $19,079.20 $25,979.20
26 $276.00 $2,450.86 $7,176.00 $21,530.06 $28,706.06
27 $276.00 $2,706.66 $7,452.00 $24,236.72 $31,688.72
28 $276.00 $2,986.45 $7,728.00 $27,223.17 $34,951.17
29 $276.00 $3,292.49 $8,004.00 $30,515.66 $38,519.66
30 $276.00 $3,627.24 $8,280.00 $34,142.90 $42,422.90
31 $276.00 $3,993.39 $8,556.00 $38,136.30 $46,692.30
32 $276.00 $4,393.89 $8,832.00 $42,530.19 $51,362.19
33 $276.00 $4,831.96 $9,108.00 $47,362.15 $56,470.15
34 $276.00 $5,311.12 $9,384.00 $52,673.27 $62,057.27
35 $276.00 $5,835.23 $9,660.00 $58,508.50 $68,168.50
36 $276.00 $6,408.51 $9,936.00 $64,917.01 $74,853.01
37 $276.00 $7,035.56 $10,212.00 $71,952.57 $82,164.57
38 $276.00 $7,721.44 $10,488.00 $79,674.00 $90,162.00
39 $276.00 $8,471.65 $10,764.00 $88,145.65 $98,909.65
40 $276.00 $9,292.24 $11,040.00 $97,437.89 $108,477.89
41 $276.00 $10,189.81 $11,316.00 $107,627.70 $118,943.70
42 $276.00 $11,171.57 $11,592.00 $118,799.27 $130,391.27
43 $276.00 $12,245.43 $11,868.00 $131,044.71 $142,912.71
44 $276.00 $13,420.03 $12,144.00 $144,464.73 $156,608.73
45 $276.00 $14,704.81 $12,420.00 $159,169.55 $171,589.55
46 $276.00 $16,110.12 $12,696.00 $175,279.66 $187,975.66
47 $276.00 $17,647.25 $12,972.00 $192,926.91 $205,898.91
48 $276.00 $19,328.57 $13,248.00 $212,255.48 $225,503.48
49 $276.00 $21,167.61 $13,524.00 $233,423.09 $246,947.09
50 $276.00 $23,179.17 $13,800.00 $256,602.26 $270,402.26
51 $276.00 $25,379.43 $14,076.00 $281,981.69 $296,057.69
52 $276.00 $27,786.09 $14,352.00 $309,767.78 $324,119.78
53 $276.00 $30,418.50 $14,628.00 $340,186.28 $354,814.28
54 $276.00 $33,297.86 $14,904.00 $373,484.14 $388,388.14
55 $276.00 $36,447.32 $15,180.00 $409,931.46 $425,111.46
56 $276.00 $39,892.22 $15,456.00 $449,823.68 $465,279.68
57 $276.00 $43,660.28 $15,732.00 $493,483.95 $509,215.95
58 $276.00 $47,781.80 $16,008.00 $541,265.75 $557,273.75
59 $276.00 $52,289.95 $16,284.00 $593,555.71 $609,839.71
60 $276.00 $57,221.00 $16,560.00 $650,776.71 $667,336.71
61 $276.00 $62,614.62 $16,836.00 $713,391.33 $730,227.33
62 $276.00 $68,514.19 $17,112.00 $781,905.52 $799,017.52
63 $276.00 $74,967.19 $17,388.00 $856,872.71 $874,260.71
64 $276.00 $82,025.52 $17,664.00 $938,898.23 $956,562.23
65 $276.00 $89,745.97 $17,940.00 $1,028,644.19 $1,046,584.19

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