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Video: This Is the One Reason Why You'll Never Become a Millionaire

How's this for a statistic: you could score over $1 million by age 62 if you start investing $5,000 a year into the stock market at age 22.
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How's this for a statistic: you could score over $1 million by age 62 if you start investing $5,000 a year into the stock market at age 22.

That's assuming a 7% annual return, a rather conservative estimate.

If you wait ten years to invest and start putting a way $5,000 at age 32, you'll only have $500,000.

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This is why it's so important to start saving for retirement early on. If you don't start investing early on, you'll have to start the next Facebook (FB) - Get Facebook, Inc. Class A Report or win the lottery to become a millionaire. 

For help, TheStreet is hosting a 1-hour video webinar on this very topic. Investing Strategies for Millennials airs at 2pm on April 18th.

To watch the webinar, sign-up here.