How To Become A Millionaire On An Average Salary

By : Jennifer BrowneTwitterLogo

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Everyone has wondered what it’s like to be a millionaire.

No matter how un-materialistic you are, you have to admit, it would be nice not to worry whether or not you can afford that 80p sausage roll from Gregg’s.

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Theoretically, if you commit to saving just a little bit every year, that million is actually doable.

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Today, the average income of an adult in the UK is £21,000 according to HM Treasury budget analysis. That’s approximately a paycheque worth £1,500 every month.

Assuming you earn the average salary and start saving at the age of 21, and can save £200 a month (or £6.60 a day) with a five per cent rate of return, you’ll be a millionaire.

At the age of 83.

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The calculation, using thisismoney.co.uk, doesn’t take into account promotions, increases in salary or monthly assets that come with marriage.

So if you’re up for a big promotion, you may be in luck.

If not, and you’re like most of us and can’t afford or just don’t have the will power to save £200 a month, your chances of becoming a millionaire are significantly lower.

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Is £10 a month more up your alley? Expect to be 142-years-old before you see £1 million in your bank account.

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In the interest of pay inequality, Julia Roberts just earned about £2.1 million for her four-day shoot for her latest film, Mother’s Day.

Better start saving now.


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Indy100

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