About Budgeting & Personal Finance: Can You Be a Millionaire If You Earn $30,000 a Year?

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Budgeting & Personal Finance Budgeting & Personal Finance Plan for Big Events Retirement Budgeting 101 From Paula Pant, your Guide to Budgeting & Personal Finance  Can you become a millionaire if you only earn $30,000 per year? Yes, absolutely. Here’s how: At age 25, you begin earning $30,000 per year, which is $2,500 per month. You save $458.33 per month, and spend the other $2,000. (This is a savings rate of less than 20 percent of your gross income). You put the money in a Roth IRA and invest in the broad, overall market through a low-fee index fund. Your money grows at 7 percent annually. Guess what? Within 38 years, by the time you’re 63, you’ll have a nest egg of $1 million. To read more about this strategy, check out the article below. Can You Be a Millionaire If You Earn $30,000 a Year? By saving only $458 per month -- which is the amount that some people spend on their car payment -- you can grow a million-dollar nest egg by the time you retire. Search Related Topics:  millionaire  wealth  personal finance The S&P 500, NASDAQ, Dow Jones - What is This Stuff? What on earth are people talking about when they use words like "Dow Jones" or "S&P"? Search Related Topics:  s&p 500  nasdaq  dow jones Help! I Need Money Now! Learn what to do when money is tight and your emergency fund just doesn't cover your expenses. Search Related Topics:  emergency fund  financial advice  financial planning Should I Put My Savings in the Bank? Or into Investment? A reader recently emailed me to ask where she should keep her savings. Should she put it into a savings account at the bank? Or should she invest it? Search Related Topics:  savings  investments  finance Related Searches Budget Planner Budget Planning Budget Worksheet Budget Spreadsheet Budget Template Featured Articles Money Websites, Magazines and Books True Stories and Tips from Readers Glossary and Definitions How to Optimize Your Finances FAQ's Blog   More from About.com Sign-up for Shareables! An every-morning rundown of the day in history, headlines and trends produced by your pals at About.com. Please sign up it's free (of course), we think you will like it! Want More From About.com Check out our social page tailored to your interest! This newsletter is written by: Paula Pant Budgeting & Personal Finance Guide Email Me | My Blog | My Forum   Sign up for more free newsletters on your favorite topics You are receiving this newsletter because you subscribed to the About.com Budgeting & Personal Finance newsletter. If you wish to change your email address, please click here. If you would like to unsubscribe from all newsletters sent from About.com, please send an email to optout@about.com with "Unsubscribe" as the subject line. About.com respects your privacy: Our Privacy Policy Contact Information: 1500 Broadway, 6th Floor New York, NY, 10036 © 2014 About.com   Must Reads Eleven Rules to Make You Rich Interactive Budgeting Worksheets Create a Budget in 9 Simple Steps Three Traits of a Successful Budget Are You On Track for Retirement? Advertisement