Here's How Much Money a Self-Made Millionaire Saves to Continue Growing His Wealth
It took a while for Bach to grasp the idea of paying himself first: "When I first heard about this concept I was doing what most people do — trying to budget, beating up on myself for failing, and then scrambling at the end of the year to find some money to put in my retirement and savings accounts, only to find another year had come and gone and I had not made any financial progress," he writes.
Even when he did start setting aside money, it was a mere 1% of his paycheck, he says: "I was in my mid-twenties, and I wanted to make sure it didn't hurt. Within three months, I realized that 1% was easy, so I increased the amount to 3%."
Over time, he's gradually increased his percentage — from 3% to 10% to 15% — until he reached 20%.
