The economy is not in a fantastic shape right now. N1,000 cannot get you a lot of things as much as $100 will (as the darn exchange rate won’t quit going up so fast). There are a million and one excuses why you can’t save so much (or even save at all). But you see, saving a little every day can make you a millionaire by the time you choose to retire, or even before retirement – well depending on how much you save.
Financial adviser and author of Smart Couples Finish Rich, David Bach believes “becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan. You don’t need to have money to make money. You just need to make the right decisions — and act on them”.
In this chart below, Bach describes how much you should save daily, monthly yearly to make $1,000,000 by the age of 65.
If the rate of $1 to N244, that will be N500 daily, N15,000 monthly and N180,000 yearly if you’re 20 and below.