Kevin O’Leary says if you earn $68,000 a year and follow this rule, you’ll retire a millionaire

According to multimillionaire Kevin O’Leary, investors should save 15% of every dollar they earn and invest it, allowing for compounding growth over time. This simple strategy, he claims, will make anyone a millionaire by retirement if they follow it consistently. For an average American worker earning $68,000 per year, saving that 15% would amount to $10,200 annually or $850 per month.

Over a 40-year career, this would theoretically grow to about $5.3 million if invested at a 10% annual return, or roughly $2.2 million at a more conservative 7% return. However, in reality, many Americans struggle to meet this goal. Only 55% of workers in the $50,000–$79,999 income range feel they are on track for retirement, and the national average personal saving rate is just 4.4% of disposable income.

With an average take-home pay of $52,000 to $54,000 after taxes, and expenses such as rent, groceries, and loan payments taking up a significant portion of that, only about $726 per month remains for discretionary savings. Even if someone managed to save 15% of their earnings, they would only be able to put away $650 per month, falling short of the $850 needed to reach millionaire status by retirement based on O’Leary's calculations.