Successful working professionals can save $3 million. Here’s how.
If you start at $50k/year and work your way up in a 35-year career ending at $300k/yr, the average income is $175k per annum. This assumes linear income growth, but the successful working professionals usually reach their peak sooner than later.
Why $300k? Although this is a significant amount, it is not entirely insurmountable. Most VPs and senior managerial roles in big companies earn that amount, or even more. Further, take note that we included the word “successful” in the title of this post, didn’t we?
With $175k earned per year, that’s $6.1 million earned over 35 years. If you save 50% consistently, you will have saved over $3 million by the time you retire, and that’s not even counting the investment income you will have made in stocks, properties and what not.
Do people actually save 50%? It’s actually not hard. You can do it.