The famous Shark Tank investor Kevin O’Leary, aka Mr Wonderful, advises on how much people should have saved up by the time they are 33 years old.
“By the time you hit 33 years old, you should have $100,000 saved somewhere.”
He said that should be the goal people should aim for and even provided a tip on how to do it.
“You save 20% of your paycheck, and you let the market grow it 5% to 7% a year. You can get to $100,000.”
He says if you can’t do it at 33, 35 works too – extra 24 months to reach that goal. 😉
The $100,000 is the “milestone” to hit if you want to hit at least $500,000 by the time you are 60 years old.
If you want to hit $500,000 by the time you are 60 years old, it is important to hit that $100,000 milestone when you are 33 years old.