![]() ![]() We teach you to save 15% of your income for retirement. If you’ve already started investing ( Baby Step 4), way to go! But keep in mind, if you want to become a millionaire, how much money you invest is just as important as the actual act of investing. So, start investing as much as you can as soon as you can-once you’re debt-free except for your mortgage. and you’d have to work an extra four to five years to hit $1 million. Do you want to wait until your 70th birthday to become a millionaire? But if you waited 10 years and then invested $300 each month, you’d only have $678,145 by the time you turned 65. If you invested $300 a month for 40 years (age 25 to age 65), assuming a 10% rate of return, you could have almost $1.9 million. That’s just $300 a month! If you waited until age 35 to start investing, you’d have to put away $800 a month to hit the million-dollar mark by age 60. If you start putting away $300 a month beginning at age 25, assuming a 10% rate of return, you could reach millionaire status by age 60-and be sitting pretty on a $2.3 million nest egg come retirement (age 67). The earlier you start investing, the more likely you are to become a millionaire. And if you already have some, get rid of it and pay if off ( Baby Step 2) as soon as possible. ![]() ![]() And look at this: If you invested that $40,000 for another 20 years, you could have over $293,000! Now, where’s that car 25 years from now? Probably rusting away in a junkyard somewhere.īottom line-avoid debt at all costs. 1 If you invested $500 a month for five years instead, you could have $40,000. Take the average car loan, which has a monthly payment of $577 and a term length of five years and nine months. That money you’re sending to lenders is money you could be putting toward your future! Every time you buy something on credit, you’re digging a deeper hole for yourself. How much will you need for retirement? Find out with this free tool!īut here’s the thing: Debt is quicksand to your financial dreams. (Hint: You’ll actually be paying more later thanks to interest.) There’s this idea floating around our culture that you should get what you want whenever you want it. Stay Away From Debtįrom cars to clothes to houses to jewelry, you can get a loan for pretty much anything nowadays. If you follow these eight principles, you’ll be on your way to becoming a millionaire. Keep Your Millionaire Goal Front and Center.Increase Your Income to Reach Your Goal Faster.You can become a millionaire-and it has nothing to do with your family’s money or where you got your degree from. You’ve seen the success stories on TV, but those people inherited their money, had high-paying jobs, or hit it big with the lottery, right? Maybe you’re thinking, If only I was that lucky. So you want to be a millionaire, huh? That’s a great goal! But maybe it seems too far off in the distance or too impossible for you to reach. ![]()
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May 2023
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