Ever dreamed of hitting millionaire status but not sure where to start? You’re not alone. Between rent, student loans and the occasional avocado toast, saving can feel impossible.
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But here’s the good news: Becoming a millionaire might be more doable than you think. It all comes down to how much you save and invest each month. Here are some of the best ways to achieve it.
$600 a Month at Age 30 Can Go a Long Way
According to Kevin A. Thomas, chartered financial analyst (CFA) and founder of Omniga.ai, if you save and invest $600 a month starting at age 30, you give yourself a solid shot at seven figures by retirement, assuming you earn around 7% annually after inflation.
Luckily, you do not need to rely just on your own discipline. Thomas suggested using automation to your advantage.
“Automate your transfers and let AI-powered platforms rebalance and allocate your investments for you,” he added.
This not only removes human error, it lets you take advantage of fractional shares and micro-investing; something that did not exist for most previous generations.
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To Hit $1 Million, Think Beyond Just Saving a Set Amount
“If you want to hit $1 million, you need to think beyond just saving a set amount each month,” said Sean Webster, certified public accountant (CPA) and senior contributor at Precious Metal IRA Accounts.
He explained that for millennials earning $4,500 to $5,000 monthly, the rising cost of living and unpredictable markets mean that old formulas rarely work as planned.
Instead of obsessing over a single “magic number,” he recommended focusing on powerful strategies that most people overlook but can make a massive difference over time.
Diversify Your Investments Outside of Just Stocks and Bonds
“With inflation running around 23% since 2020, holding a portion of your long-term savings in assets like gold or silver can help preserve your buying power,” said Webster.
Even adding 10% of your portfolio to precious metals through an IRA or other tax-advantaged account can act as a safety net when markets get rocky.
Automate Your Financial Growth
Webster recommended setting up systems so every time you get paid, a specific percentage, say 20%, moves automatically into your investment accounts before you even see it.
“This takes willpower and guesswork out of the equation, and over years, it is the quiet compounding that really drives results,” he explained.
For example, if you automate $500 a month into diversified investments from age 35, you could see over $1 million by retirement, even after factoring in inflation.
Think of Increasing Your Money Outside of Your Day Job
“Of course, look for ways to increase your earning potential outside of your day job,” said Webster.
Whether it is consulting, investing in real estate or starting a side hustle, he said these extra streams do more than just pad your bank account, they can completely change your trajectory.
“The people who reach $1 million fastest are usually the ones who learn how to multiply their income, not just save what they already make,” Webster noted.
Think about your money as a tool, not just something you need to hold on to.
When you mix diversification, automation and new income streams, you set yourself up for real financial confidence, no matter what the economy throws your way.
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This article originally appeared on GOBankingRates.com: Here’s Exactly How Much Millennials Should Save Monthly To Become Millionaires
