When it comes to financial advice, a self-made millionaire is perhaps the best person to consult. Not only do they possess a superhuman ability to save money, they also know what it's like to have to make the most of a middle-of-the-road income. Time and time again, we find ourselves turning to self-made millionaire David Bach, author of The Automatic Millionaire, for simple, realistic financial advice.
"If you're watching me and you're in your 20s, literally all you have to do to change your whole financial life and never worry about money … is [save] one hour of your income a day, automatically," said Bach, who has spent 25 years in the wealth management industry, in a Facebook Live interview with Business Insider. "Why are you going to go to work this year, and work 2000 hours this year, at least, and not keep one hour a day of your income?"
You can figure out exactly how much to save each day by doing some simple math: If you make $50,000 a year working 40 hours a week, for example, you will get paid for roughly 2080 hours of work and bring in $25 an hour. According to Bach, saving just $25 every single day will put you in a stable financial spot. Considering he reached millionaire status by age 30, we'll take his word for it.
Are you on board with Bach's "pay yourself first" philosophy? Share your opinion in the comments below.