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This is how much you’d need to save every day to become a millionaire

loadsamoney.jpg

Everyone wants to be rich don't they?

Well, probably not Jeremy Corbyn. He's probably not bothered.

But everyone else, right, yeah? The American dream and all that? Wonga? Loadsamoney?

Yes. But have you ever considered how to go about actually achieving your goal? Let's start simple: let's aim to have...

(Pounds)

Financial website This Is Money have created a handy tool for calculating exactly how much you'd need to save a month in order to reach that magical million.

Compound interest is the key, so a lot depends on the interest rate that you can expect your savings to make over the course of your lifetime. They suggest a "mid-point guidance for annual stock market returns" of 6%, so if you're 25 and want to become a millionaire by the age of 50, this is what you need to save each month:

Millionaire

So that's simple. Pay your rent, pay your outgoings, take a holiday or two and make sure you leave £1400 spare each month whilst investing it safely for 25 years and you'll be there.

Or just rob a bank. Choice is yours guys, choice is yours.

You can head here to input your own figures and see if you can speed up your saving, or take the leisurely route to wealth.

And while we're at it, how does that 1988 novelty hit single (no. 4 no less) by Harry Enfield character Loadsamoney hold up today?

Yeah. Not so great.

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