Is this your year? The average age of the American millionaire:
Bottom Line: I love talking about people reaching their financial goals. For many people that initial long-term financial goal is $1 million. That's why I created the millionaire plan nearly 20 years ago (the plan demonstrates how the average person making the average income can become a millionaire within 25 years).
So, for those who do become millionaires, when is it that they generally reach that level of financial status? According to the latest research from Fidelity, it's at the age of 59. Women are actually slightly faster at reaching the millionaire mark (58.5 years compared to 59.3 years for men). What's more is that the number of female millionaires observed by Fidelity has now doubled over just twelve years ago led by the stock market's performance. Here are other important nuggets for achieving financial success from their findings...
The average millionaire earns under $150,000 per year
The most common path for the American millionaire is long-term investing in stocks
The average millionaire has had 77% of their investment dollars in stocks
The average millionaire is created after 30 years of saving and investing
All of this is present in my millionaire plan which once again demonstrates that you do have the potential to be a millionaire, or more and it doesn't include having to win life's lottery. A diligent and intentional plan of saving and investing - combined with the greatest wealth creation machine in the history of the world - our stock market - has historically been all that's required.