If you set savings goals and achieve them then you are on your way to success!If you are in your twenties and can learn to double your savings and invest properly you can be a multi-millionaire by the time you retire.

Let me give you an example. Suppose you set yourself small goals like $100 savings after all your credit card bills. If you keep doubling your savings at logical increments you can save substantial amounts within a few years. Look at my chart below.

$100
$200
$400
$800
$1600
$3200
$6400
$12,500
$25,000
$50,000
$100,000

Give yourself a date next to each goal. If it takes yourself a little longer that's ok. Then you can invest it wisely. I finally found a good closed end fund that pays right now over 10% per year on a few of their funds. The company is called Nuveen. Look up Nuveen.com.

If you put away $25,000 for ten years at 10%. You about triple your savings to around $75,000. Figure it out. So that $25,000 could be $225,000 in 20 years and $675,000 in 30 years. So if you save $50,000 you could have (with 10% dividends)$150,000 in 10 years, $450,000 in 20 years and $1,350,000 in 30 years.

Take a calculator and figure it out if you don't believe me.

A good way to save is avoid spending on things you want and only by things you need. I get many people calling me cheap, for not spending my hard earned savings but with $100 to $200 extra in interest per month coming in is better then working for it. When I earn $400 per month in interest then I can live in a 3rd world country where $100 can pay rent for a month and $20 can pay for telephone, electric, cable TV, internet for a month.

I'm much closer to being a millionaire following these techniques then I ever was.

Learn more about this author, Alan Habbaz.
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