Here's how investing $5 a day can lead you to $1 million.
Assuming a more modest 6.5 percent annual return, you'd have around $26,000 in 10 years, $168,000 in 30 years and $667,000 in 50 years.
To be sure, many young people are more worried about paying down their debt than building up their wealth. The average millennial is $15,000 in debt, TD Ameritrade found. Student debt is increasingly a problem, with the average borrower paying almost $400 a month for their education. But if you wait until you've paid off all your debt to invest, Taylor said, your goals will be harder to realize.
"If you start late, you will never catch up to the person who started early with the same amount," Taylor said.
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