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It's possible! In fact, because you are young, you have the most important ingredient to earn $1 million: time.
The more time you have to save, the more money you'll end up with. Why? It's called interest.
Here's an example:
Let's assume you are 17 years old. You save $100 every month from your job and invest it in a tax-deferred investment (like an IRA) that earns 8 percent interest per year. By the time you are almost 70 years old, you'll have $1 million.
Now, look at how much more money you would have to save every month if you don't start saving until you are 40 years old. A big difference!
Save $1 Million
By Age 70
Annual Return: 8% Tax Deferred
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