How Saving $8 A Day Can Make You A Millionaire

Posted by on November 23, 2015 in Business, Conscious Living, Economy with 6 Comments
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By Priya Malania & Lindsey Stanberry | Refinery29

Full disclosure: Right now, I have three retirement accounts that I pretty much ignore. One is from my current job at Refinery29. I set it up as soon as I qualified for enrollment, checked the box that allowed me to contribute the full amount, and promptly forgot the login info. I never even bothered to think about it until Priya and I started working on the Money Challenge over the summer, where on Day 10, we recommend you increase your allocations. The other two accounts are from past jobs, though there isn’t enough saved to make me feel confident that I can retire when I’m 65. Every time I see Priya, she brings up these accounts and how important it is that I roll them over. Every time, I promptly change the subject.

Related Article: 5 Money Lessons You Need to Know By 30

I know I am not alone in my ambivalence toward retirement savings. 401(k)s are confusing. How do they work? What should I invest? How much? Should you have another retirement account like a Roth IRA on top of your company account? What the hell is matching? And why do my eyes glaze over every time I try to read an article about the right way to save for retirement?

Related Article: Wanna Be Wealthy? Here Are 10 Smart Ways To Make Your Money Work For You

I get it. It’s boring. And worse, it’s confusing. But that’s not a reason to not contribute. And yeah, it’s not the same instant gratification as buying a new pair of boots, but with some careful planning, you can save for the future and have some fun. (Also, let’s stop falling into the stereotype that millennials never think ahead and prove those old fogies wrong.)

When Priya and I started talking about this story, we tried to figure out how to make it interesting. And then, she presented me with the numbers — how much money you’ll make if you start investing in your 401(k) right this minute — and I just about fell out of my chair (and finally increased my allocation). If Priya’s numbers don’t convince you, I give up.

Related Article: How Long Can You Go Without Spending Money?

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  1. 963772073646134@facebook.com' Roberta Hudson says:

    I don’t want to be a millionaire. I may not have everything I want but I have everything I need and that is enough for me and my family. By living within our means we are never without and are able to save money for celebrations and holidays. We set budgets for each celebration and holiday and make focus on plans of quality time spent together rather than the most gifts. Cuz the greatest gift you can give to the ones you love is your time and attention. Whenever we find ourselves having more than we need we give it away to those who need it. That is how my family lives.

  2. 10207950975363060@facebook.com' James P Moon says:

    I don’t want anyone to be a millionaire.
    Damn greed.

  3. rudistade@live.ca' Rudi Stade says:

    No problem, if I never get a student loan, never get married or have kids, never get sick, never work for a prick, never buy a car, never get assaulted or robbed, never eat again, and start with $50,000 that I win in a lottery

  4. im.rajchowdary@gmail.com' Raj says:

    I want to retire as a millionaire and as you mentioned if I manage to save $8 per day which translates to about ₹550 per day I can manage 10 millions by 10 years of time if invested in right avenues.

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