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The millennial's guide to earning a million dollars

Pascale Helyar-MorayPascale Helyar-MorayPascale Helyar-Moray OAMJun 20, 2023
[BLOG] The millennial's guide to earning a million dollars[BLOG] The millennial's guide to earning a million dollars

Attention, millennials! Are you looking to accumulate wealth for your future while still enjoying life? Grow My Money may be the answer you've been looking for. Each year, millennials are a growing segment of the workforce. A generation that values personal fulfilment and financial independence may find saving enough money for retirement challenging. Enter Grow My Money, an industry-recognised superannuation (and, more recently, mortgage) cashback program that can help millennials accumulate wealth for their future. With its innovative technology, Grow My Money lets users effortlessly save for retirement by earning cashback on everyday purchases. Let's delve deeper into how Grow My Money works and how millennials could use it to become millionaires.

So, how does it work?

Grow My Money is a cashback rewards program empowering Australians to achieve financial independence faster. Formerly Super-Rewards, Australia’s most rewarding superannuation cashback program, we now also offer a way to help pay off your mortgage sooner. Grow My Money is also the first mobile app provider of mortgage and superannuation cashback from physical or digital spend into most mortgage or super accounts in Australia. It offers over 500 of Australia's leading online retailers when users shop using the Grow My Money platform, iOS or Android app, or Chrome and Safari browser extensions. Grow My Money shoppers can also earn up to 15% cashback when they shop at 1000 physical stores nationally. Shopping smarter with Grow My Money will earn you cashback, which can significantly impact you paying down your mortgage sooner or growing your retirement savings when added up over time.

But the best part?

Millennials who have enrolled in Grow My Money could be well on the way to becoming millionaires by the time they retire, thanks to the rewards earned from participating retailers in the dining, leisure, and travel. Millennials’ app-first spending patterns can see them earn as much as $50 Grow My Money per month without any extra effort.

With the average in-store cashback of 10%, this figure could easily be achieved through rewards from dining out, after-work drinks, new clothing, and car hire or travel booking.

How can I accumulate through Grow My Money to reach millionaire status?

If the average millennial could save $50 per month towards retirement by adding to their super, reaching $1 million in retirement savings by age 65 could be possible. Grow My Money could make it easier for you to reach that target even faster.

Even if the millennial did not make any other super contribution over the course of their lifetime, they could still be welcomed into the millionaire’s club in retirement^.

How can I track my cashback?

With the Grow My Money mobile cashback app, you can keep track of your progress towards your millionaire status. You can easily track your cashback from My Cashback in your account and see your total cashback earned to date.

So, why wait?

The traditional "save and spend wisely" route to building wealth is still right, but it is no longer enough. Millennials need to be more strategic and savvier with their money. Grow My Money can help bridge this gap by enabling you to increase your retirement savings with little extra effort. Because they already have the cashback feature, they incentivise you to increase your retirement savings, and their rewards tally up quickly. By implementing Grow My Money as a new saving habit and starting now, millennials will have a higher chance of retiring as millionaires. Start saving with Grow My Money and contribute to your future success and happiness.

^**Assumes starting super balance $43,583, the average super balance for a male aged 30-34 years old according to ASFA, 40 years to retirement, no other contributions to super, median net return of 7.4%p.a. over 10 years, (balance fund category to 31 December 2021 (ChantWest)) Grow My Money of $50 paid monthly and compounding monthly. Source: