I recently read a post by personal finance blogger Len Penzo about the secrets of millionaires. Number two on his list of 19 Things the Millionaire Next Door Won't Tell You reminds us that patience is a virtue: Most of us won't become millionaires overnight.
However, becoming a millionaire is not an unrealistic goal. I dug up a somewhat oldie, but still very goodie piece from the February 2008 issue of Kiplinger's Personal Finance magazine that illustrates how much you need to save each month to accumulate $1 million by age 65. The younger you are when you start saving, the less you'll have to set aside each month. Each example assumes you're earning 8% annually, which still is realistic (see The 8% Solution).
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