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Can you spare $5 a day? If so, you could become a millionaire — one day.
Small investments made in your early 20s make it easy to become a millionaire.
However, many young people today put off investing.
Millennials generally don’t plan to start investing until their late 30s, and half the generation isn’t investing at all, according to a study by TD Ameritrade.
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Many young people worry more about paying off their debt than investing, but waiting until you’re out of debt to invest can make it harder to realize your goals.
Investing just $5 a day into an account with a 10% annual return could net you around $30,000 in 10 years, $330,000 in 30 years and $2.3 million in 50 years.
An account with a more modest 6.5% annual return could net you around $26,000 in 10 years, $168,000 in 30 years and $667,000 in 50 years.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
