Millionaire Calculator: Here’s How Much To Save Every Day To Be A Millionaire.

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According to financial adviser and author of Couples Finish Rich, David Bach, says people need to know one thing.

We all dream of having a bank account filled with at least a million dollars earned from our hard work or simply winning the lottery. Putting in long hours and having more than one job doesn't equate to making tons of money. If you are waiting to be a lottery winner, keep waiting since the chances are one in 14 million.

Having a million in your bank account is more about smart planning and savings. That means you don't need to have the latest tech device or buy everything designer-made. Here is the advice on how to be rich from the experts.


Pay yourselves first and foremost.

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He is speaking from experience since he made his first million by the time he was 30 years old.

It doesn't have to be a lot of money either. Most 20-year-olds are not making over $100,000 so starting with as little as $2/day is enough to get you there.

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For some, it may mean giving up the daily fancy coffee or the beers.

The graph below shows how much you should be putting aside when you are 20, 25, 30, 35, 40, 45, and so on.

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If you can do more, by all means do it.

Bach admits their magic number is 20. "Today, my wife, Michelle, and I each strive to pay ourselves the first 20% of our gross income," he says.

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You should also talk about finances with your partner.

"Smart couples talk about money all the time," Bach reveals. "When you work together on your finances, you can compound the results. When you don't, the same can be said for the mistakes you will invariably make."

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Thomas J. Stanley, PhD, and William D. Danko, authors of Millionaire Next Door say saving is not enough.

Investing your hard earned money to see it multiply and give you returns is key.

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But deciding what you are going to invest in can be a daunting task.

Finding an knowledgeable and successful financial planner is essential. Do your research, don't just hand in your money to just anyone. Ask for reference, even testimonials.

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You need to be willing to give up certain things that are really just luxuries.

You don't need to eat out everyday at lunch, make your own food at home. Also, cut down your cable bill or cancel it all together.

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It does take adjusting to this lifestyle but think of the light at the end of the tunnel.

Invest in a good coffee machine so you are not tempted to buy coffee everyday.

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Rich Dad, Poor Dad: What The Rich Teach Their Kids About Money That The Poor And Middle Class Do Not!, author Robert T. Kiyosaki, furthers that sentiment.

His Rich Dad, Poor Dad book sold over 27 million copies. It resonated with people when he said that you get rich by saving money not by making tons of it.

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Bach admits he didn't think he could pay himself first.

"When I first heard about this concept I was doing what most people do — trying to budget, beating up on myself for failing, and then scrambling at the end of the year to find some money to put in my retirement and savings accounts, only to find another year had come and gone and I had not made any financial progress," he writes in his book.

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He says he didn't start paying himself the 20% off every paycheque.

"I was in my mid-twenties, and I wanted to make sure it didn't hurt," he reveals. "Within three months, I realized that 1% was easy, so I increased the amount to 3%."

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From there he moved to 5%, 10%, and 15%, until he made it to 20%.

It was easier to make the progression by starting small.

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Bach is confident everyone is capable of paying themselves, regardless of income.

"If you are not paying yourself first now, that's probably because you think you can't afford to," he says.

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The best-selling author recommends you write your goals down.

"Make your goals specific, detailed, and with a finish line," he recommends.

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"But I can tell you from personal experience that once you decide to pay yourself first and then you make it automatic, it's done — and within the first three months, you totally forget about it." He boasts. "You'd be amazed how effortlessly you can learn to live on a little less."

"People who write down their financial goals get rich. It's a fact. Study after study has shown that writing down your goals makes it much more likely that you'll achieve them," Bach reveals.

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A high percentage to put aside may seem too much at first.

Bach says it's ok to start with baby steps, even it's just 1%.

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"This one little step will change your habits and make saving automatic," he assures.

"And that will put you on a path that ultimately will make you rich," Bach says.

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Rich Dad, Poor Dad, doesn't want people to just save and invest with a bank.

He wants people to go into real estate investing.

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Remember, you won't be a millionaire overnight.

It literally takes time, patience, saving, saving, and more saving.

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The Millionaire Next Door authors noticed something in the wealthy who didn't inherit their money.

They live in modest homes, are thrifty, don't indulge their kids with ridiculous expenses, and don't drive luxury cars.

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In fact, the authors found that millionaires are looking at cars to literally get them from point A to point B.

They says the average millionaire only spends 10% more than the average American on a new vehicle.

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Stanley and Danko found one-third of the wealthy buy used cars.

This may mirror studies based on what makes people happy. It's not material possessions but rather doing things with family and friends.

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Going to a dream vacation with your loved one may help you achieve this joy.

But that's only if you pay it cash instead of raking up your credit card.

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Another option is getting a part-time job to be used for saving, travelling, or both.

"If the two of you don't make your finances a priority, they won't be one," Bach concludes.

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