I know, you think I must be joking that one can achieve millionaire status by saving just twenty dollars per day.  In all seriousness ANYONE can become a millionaire through the most common way to make make a million dollars, and it really isn’t that hard.  But just how long would it take to achieve such a lofty financial goal?

If twenty dollars was put aside into your savings with no interest added it would take over 135 years for you to save one million dollars.  Combine that with normal inflation and by the time you will have saved such a  large amount, it will not be worth very much.

Now lets say instead of just saving your twenty dollars per day you invested it…how long would this take?  Well with an average stock market return of about ten percent per year, this combined with the effects of compound interest, will have you daily twenty dollar savings turned into a million dollars in about twenty five years!  Now we’re talking!

Now certainly what this means is that in order to actually achieve this you will have to invest about $600 per month into a diversified fund that will bring you the results you desire.  This often times is easier said then done, but with the right discipline and mindset it can be accomplished.

Now what if you don’t have that extra $20 per day to invest?  I certainly hope that you already are trying to abide by the 10% rule, which has you setting aside 10% of your salary into some kind of retirement fund.  Now if not, then you need to TAKE ACTION NOW and get things set up!  The longer you wait the harder it will be to achieve your goal of being a millionaire upon retirement!

Ok, so maybe you already are saving some money but not quite $20 per day.  Now you need to figure out ways you can change your spending habits so that you can save this money.  Often times if you take a long hard look at where your money goes everyday you will be able to find the extra cash to place into your million dollar retirement plant.

Once you’ve reviewed your spending habits and you still cannot come up with the $20 dollars per day, the it’s time to find an alternative.  You will now need to find a way to increase your daily income in order to make up this deficit in your budget.  There are many ways to make money both online and offline, all of which can have you earning twenty dollars per day easily.  Once you find your niche you may find yourself earning way more than what is needed, and this will only speed up your millionaire savings plan.