Tag Archive: Million

How to Become a Millionaire

This post will walk through the ridiculously simple math behind becoming a millionaire. Let me start off by saying that a million dollars isn’t what it used to be (sorry no yachts or private jets). However, having a million dollars is the bank still puts you in elite status when it comes to retirement savings. Savings Stats The median retirement age American (65-74), has $126,000 saved for retirement. The average retirement age American is doing better, but they still only have $358,000 saved. So having a million dollars in the bank would give you 8x the amount the median has saved and almost 3x the amount the average has saved. From a cash flow standpoint, a million dollars can generate $40,000 per year using the…
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