"Retiring with $1 Million: Saving Alone Won't Cut It, Says Self-Made Millionaire"

Self-made millionaire Vivian Tu advises Americans to invest rather than save for retirement, as simply saving may not be enough to reach their financial goals. Traditional savings accounts typically earn low returns, while retirement investment accounts offer higher rates of return through compounding interest. For example, if a 21-year-old contributes $100 per month to a retirement investment account with a 7% annual rate of return, they could have nearly $354,600 saved by age 65. In contrast, the same amount in a traditional savings account would only yield around $66,300. Tu suggests utilizing employer-sponsored 401(k) plans or opening a Roth IRA to start investing for retirement and allow money to work for you over time.