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.
Theoretically, if you commit to saving just a little bit every year, that million is actually doable.
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.
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.
Is £10 a month more up your alley? Expect to be 142-years-old before you see £1 million in your bank account.
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.