According to Time magazine, it is estimated that for a millennial with 40 years until retirement, $1 million in savings is not likely sufficient.
Taking into account 3% inflation over that time period, it would be worth just $306,000 in today's dollars.
See, if you are young, because of inflation, that $1 million will be considerably less in purchasing power in say 40 years. In other words, if you are 25 today that $1 million would be worth about $300K in real purchasing power.
Now that is pretty discouraging, huh?
Well today, Dave is going to give you some encouraging news.
Listen in on today's episode as Dave gives you a simple strategy to get you to $2 million at retirement age.
You might be thinking getting to $2 Million isn't possible, but with time on your side, YOU can do this. YOU can win with money.
Think outside the box in regard to your future. Read books that interest you and dream big! Life is an adventure and it can be an exciting one.
As you find what you love to do, save faithfully toward your goals, and one day you will enjoy the fruits of your labor.
Questions for Review:
- Does saving 2 million dollars sound like an impossible goal?
- After listening to the episode, what steps can you take to up your savings rate?
- Are there any other hidden ways (legitimate) that you haven't thought of yet that might help you up your savings or savings growth?
Verse of the Episode: "For as he thinks within himself, so he is." -Proverbs 23:7