This article can serve as a first step towards that goal, and in honor of Cliff Hillegass, the founder of Cliffs Notes, who passed away two weeks ago and whose death you've no doubt mourned, we'll just touch on the key points. For a comprehensive source of basic personal finance information, check out The Motley Fool Money Guide , which, by the way, also makes an excellent graduation gift. No, this is not some cheap rip-off of Regis Philbin. If you are seriously interested in having a million bucks by retirement, you should begin your personal finance education with a few key concepts. You don't need much money to start investing in the stock market, if you regularly add more and let it grow over decades.
Time is the most critical element in turning even modest savings into significant wealth.
You've probably heard about the roller-coaster the market has been through recently, but don't let that discourage you. In fact, be happy that you missed the downturn. Let's look at a simple example. Not too shabby. Now, let's assume you don't start saving until the age of 45.