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It is hard to believe anyone could get to $1 million from pure savings of income by the age of 35. If you work from 22 to 35 that is only 13 years. That would b

It is hard to believe anyone could get to $1 million from pure savings of income by the age of 35. If you work from 22 to 35 that is only 13 years. That would be saving an average of over $75,000 per year. Most developers won't even make $75k in take home pay for most of that 13 years. I didn't have $1 million of gross income (according to the SS administration) until I was over 40. I worked for myself for a lot of those years as both an independent contractor and while starting companies. Most of my savings were eliminated over that time because of startup failures and just general economic bad times. If you can get to $1 million of savings by the age of 40 by just income and investments, you are doing very well. Few will manage it. For me to have even half that saved would have required that I do nothing but work for BigCorp for 20 years. A fate that I would not wish on any entrepreneurial person.

kamaal 15y ago
Its not just take home salary every month. Let me tell you I'm 27 and from India, I am a native Bangalore resident. I am sure similar options I'm going to tell you now exist in the US. The first thing you must do when you get money in your hands is know how much you want to spend and how much want to save. In my case I see, I can spend around 40%. The remaining 60% goes in to my savings. Then you need to figure out a way to convert 60% of the saving to investments. Gold, endowment insurance, real estate etc. There are many options, the earlier you start the better. Of course this requires discipline. To give you an example, I don't have credit card till today's date as a principle. If your routinely save and invest then over time you can save yourself a fortune.