This article was originally published on ETFTrends.com.
It’s essential to keep savings in mind when considering your future. Shark Tank host and O’Shares ETFs Chairman, Kevin O’Leary, explains what amount of savings to focus on by age 33.
“By the time you hit 33 years old, you should have $100,000 saved somewhere. Make that your goal.” O’Leary believes that should be anyone’s goal and that it is very possible.
Explaining how, O’Leary states how saving 20% of a paycheck and letting the market grow at 5-7% a year will put anyone on the path to saving $100,000.
There’s no reason to be concerned with the logistics, as O’Leary continues to make it clear – anyone can do this. “Yes, you can,” he announces once again. He’ll even allow for an extra two years, to appease some folks, if necessary.
When considering why 33 is the age to think this way, O’Leary explains how it’s the tipping point in life when one really has to focus on saving money. If there are no signs of savings, this is going to put a person far behind in the grand scheme.
As O’Leary would have it, the goal in life should be to amass at least $500,000. That means thinking in terms of the decades that will be worked, and splitting up that time accordingly. So, by that logic, 33 should be about reaching $100,000, to keep things moving upward.
If the plan is to get to that high level by 60, “Think about that.”
Watch Kevin O’Leary Discuss What To Have Saved:
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