I love talking about people reaching their financial goals.
For many, the initial, long-term financial goal is $1 million. That's why I created the millionaire plan nearly 20 years ago -- demonstrating how the average person making average income can become a millionaire in 25 years).
So when do those who become millionaires reach that level of financial status?
According to the latest research from Fidelity, it's generally at the age of 59.
Women are actually slightly faster at reaching the millionaire mark. And what's more is that the number of female millionaires observed by Fidelity doubled over just 12 years.
“Part of it is that we’ve seen more women actively participating in 401(k) plans and contributing more,” said Jeanne Thompson, a senior vice president at Fidelity Investments, who conducted the study. The firm said 133,000 people on its platform have achieved 401(k) millionaire status.
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 percent 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 without 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.