There are plenty of legal ways of becoming a millionaire, but you probably won’t be able to do it overnight. However, if you’re determined to reach that particular milestone, there is a way to save $1 million by 65, assuming you’re willing to adopt a strict savings plan.

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The plan was discovered by Business Insider in David Bach’s Smart Couples Finish Rich book and appears to be quite simple, at least on paper.

According to Bach, you have to commit and stick to a systematic savings and investment plan for your money, even if you don’t have any money to begin with.

“You don’t need to have money to make money,” he said. “You just need to make the right decisions — and act on them.”

In addition to patience, you’ll also have to find a way of getting a 12% annual return on the money you save to end up with a million bucks when you’re 65, not to mention having a job that pays enough so you can actually save up the required amount of cash each day. Oh yeah, and you’re going to have to pay some taxes.

According to the table below, conceived by Bach and recreated by Business Insider, you’d have to save $38.02 per day, or $13,879 per year, to get to $1 million by 65 if you start saving when you’re 45. The younger you are, the less you have to save every day to meet that end goal.

million-dollars-by-65-savings-planImage Source: Business Insider

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