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.
Start Early and Stay Disciplined
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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Track Your Progress To Stay Motivated
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
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