“This is what the average American has done to become a millionaire by the age of 59,” writes New York Times-bestselling author David Bach. David says that you need to be saving 14% of your gross income. Don’t let that number freak you out. This equals a little over one hour a day of your income. So whatever you’re earning today, you need to look up what you make per hour. Then, keep the first hour of the day of your income and put it in savings. You are going to work 90,000 hours over your lifetime.
Most Americans get to the age of 60 and they have nothing to show for it. So, what you are going to have is at least $1 million in your retirement account if you follow this formula. So pay yourself first, one hour a day of your income if you want to be a millionaire by the age of 59. Remember, it’s 14% of your gross income. If you do that you will be set for life financially.