You don’t need a six-figure salary to retire rich. According to Kevin O’Leary, even middle-class Americans can retire with over $1 million — if they follow one key strategy.
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Here’s the wealth-building tip O’Leary gives to anyone who wants to retire with a sizable nest egg.
The earlier you start saving for retirement, the easier it will be to reach your retirement savings goals — even if you earn a middle-class salary.
“If you start now and you’re 26 or 27 years old, and you only make the average salary your whole life, you’ll still retire with close to $1.5 million in an investment account that you can live off,” O’Leary told GOBankingRates while discussing his partnership with HelloPrenup, an online prenuptial agreement platform.
The key? Save 15% of your income consistently and invest it wisely.
“That’s the discipline,” O’Leary said. “That is what it’s all about.”
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O’Leary also recommended tracking your net worth regularly to stay motivated.
“You can see your net worth going up over time,” he said. “You say, ‘Wow, last week I made X dollars.’ The market goes up and down, but over time, it continues to grow.”
Building this habit early, he said, makes it easier to stick with your plan long-term. Even if you’re starting later in life, it’s never too late to build wealth — but the earlier you start, the more time your money has to grow.
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This article originally appeared on GOBankingRates.com: Kevin O’Leary: How To Retire a Millionaire If You’re in the Middle Class