Can everyone come up with $5 Million in retirement savings by age 55? No, not everyone. Can anyone? Possibly. Can you? Absolutely. The fact that you’re here reading this is a good start.
With two people earning and saving, the monthly savings required for them to reach $5 Million by age 55 when starting from age 22 is all of $2,200 per month per person.
If you happen to be exceptionally skilled at something, particularly something athletic or artistic, you may be able to follow that passion to a big payday.
These are not the most common paths, and they’re not avenues to be pursued, but new multimillionaires are minted via lottery jackpots and inheritance on a daily basis.
We learned that doctors, in particular, tend to spend a lot and look rich, but many of the best wealthy people are actually self-employed small business owners.
Whether you choose the slow and steady route, become a highly compensated artisan, take the doctor’s path, build a business, or forge a path of your own, there is a way to make it happen.