Millennials: Saving $1 million is easier than you think

Could you save $1 million over a lifetime?

Millennials seem to think becoming a millionaire is completely out of the question. But many of them are wrong and are already blundering their way toward $1 million without realizing it. With a little more attention to handling their money, many could end up much better off than their parents.

A new Wells Fargo survey shows that two-thirds of millennials figure it’s ridiculous to assume they will ever accumulate $1 million. But 59 percent are already going through the discipline of saving. The trouble is many are flying blind, unaware of where they should stick the money so their good intentions turn into powerful action.

One obstacle for nonsavers is their view of adulthood. About 85 percent of millennials say that saving for retirement is an important part of becoming a “financial adult.” Yet many see that adult moment arriving at age 32, not at 25 when small savings make $1 million more attainable.