A daily cup of coffee ends up costing a lot more than you think
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Vanguard Blog for Advisors
This type of incremental savings plan is also endorsed by David Bach, author of "Smart Couples Finish Rich.""Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan," he writes. "You don't need to have money to make money. You just need to make the right decisions - and act on them."
Bach estimates the amount of daily savings needed to reach $1 million by age 65 in the the chart below. While it makes certain assumptions about how those savings will grow through investment - such as a 12% annual return rate - it illustrates the impact even a modest savings plan can have in the long run.
But that trend is not irreversible, especially for younger investors.
"The best way to change that trend is to continue to encourage your clients to look at their spending through a compounding lens and to calculate how much their regular purchases would equate to over time," writes Kinniry. "Time is the biggest advantage young investors have."
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