Imagine you’re in your early 20s, having just finished your higher education, when a wise friend approaches you and says:
“I know a somewhat easy — but not simple — way to become a millionaire. If you save and invest $1,000 biweekly for the next 20 years, assuming a 7% average return, you’ll hit that milestone!”
What would your reaction be?
- “Well, the math is straightforward — this seems doable.”
- “Sure, the math checks out, but life is rarely that simple in the real world.”
- “I believe the numbers, but who has the patience or discipline to stay consistent for 20 years? Plus, I may not always have a stable job or earn enough to reliably set aside $1,000 every two weeks.”
Regardless of your initial reaction, the numbers are real — and this goal is achievable. Whether it’s easy or hard to execute is a different matter entirely. This article is less about willpower and more about the math behind becoming a millionaire.
Of course, there are millions of paths to becoming a millionaire. Even the method described here can take different forms, depending on the individual. Some may choose to save a fixed amount monthly instead of biweekly. Others might contribute a higher amount but invest in lower-risk assets. Some may stretch the timeline, allowing themselves more financial flexibility to enjoy life in their younger years.
Ultimately, becoming a millionaire requires a balance between the math and your ability to stick to the plan. Some people may earn enough for the numbers to work but lack the discipline to follow through. Others might have the mental toughness to stay consistent for 20 years but lack a high-paying job to contribute that much per paycheck. If you’re lucky enough to be reading this in your early 20s, consider yourself — well, lucky. You’ve just been given a piece of financial advice that many of us never received at your age. Whether or not you act on it is entirely up to you, but I can guarantee one thing:
Twenty years from now, you’ll either wish you had started… or be grateful that you did.
Choose the right wish — while you still have time.