Kevin O'Leary: How Much Money You Should Save By 33

Kevin O'Leary explains just how much money you should have by the time you are 33 years old and why it's important. “By the time you hit 33 years old, you should have $100,000 saved somewhere. Make that your goal. Thirty-three [and] $100,000,” O’Leary tells CNBC Make It.

According to Kevin O'Leary, 33 is the point where you could fall behind if you haven't started saving. While $100,000 might sound "impossible" to many Americas, O'Leary believes it's possible to save this much if you start saving early enough.

For example, if you’re 22 and making a median salary of $48,400 (for new graduates), and you start saving 20% per paycheck, that amounts to $9,680 a year. Even if you keep the same salary and assume no interest, saving that amount for 11 years gets you $106,480 by the age of 33. By investing the same money, and assuming O’Leary’s 5% growth, that gives you $144,397 in the same amount of time. (The S&P 500 Index has averaged annual returns of approximately 10% since its inception in 1926.)

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Kevin O'Leary: Here's How Much Money You Should Save By 33

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