If you are in your early 20s and you're getting ready to enter the workforce then do us all a favor. Make it your goal to become a millionaire by the time you reach your 56th birthday.
It's not rocket science and financial gurus have preached it for years.
Pay yourself first!
Invest 10% of your pre-tax money into your company's 401K program.
Bonus: A lot of companies will match your contribution up to a certain percentage.
If you make $35,000 per year and invest 10% into aggressive (or greater, which means greater risk) mutual funds you will hit the million dollar mark by your mid 50s (assuming an average return of 10%).
If your company doesn't have a 401K program then take the post-tax money (money taken from your bank account after you cash your check) and invest it into a ROTH-IRA. Since this investment has already been taxed you won't be taxed again when you retire and start withdrawing it.
Are you in your 30s, 40s, 50s or older?
This same information applies to you too! Your nest egg at retirement won't be as big as if you had started in your 20s but you will still retire with some serious cash in the bank.
Rule of thumb: The older you are the higher percentage you should sock away into your 401k. As you near retirement readjust your portfolio to a more conservative blend since you will be relying on that income in the coming years.
Seriously, practically everyone could be a millionaire if they would just do it. Do it first and then live off the remainder.
You'll be glad you did!