How to be a millionaire

If you’re like me, you like money and probably want an abundance of it to do fun things like travel and eat well. Unfortunately we’re not alone, everyone else has also caught onto our grand scheme to have it all. This makes it much harder to get, even with our out of the box savvy. If you want to reach that golden over one million in cold hard cash (or real assets), there is one fool proof trick…… Save your money.

I know it’s not glamorous or even crafty but there is no other solid way to reach your goal.

Here is a chart of exactly what you need to set aside each month to reach your goal depending on your age and point of success. In this case it’s assuming you are shooting for 65. Realistically you can still work well over that age but why work if you don’t need to!

The chart assumes you start with no money invested, and it assumes a 12 percent annual return. That is a little aggressive, even the historically standard baseline of an 8 percent return on investment may be considered too aggressive these days. It can still give you an idea of what a few dollars a day can do.

Obviously the younger you are the easier this goal is to achieve. Saving $61 a month is pretty dang easy to have a sweet mill waiting for you at 65. In my case I turned 40 recently so I’m behind the game, luckily I have savings set aside for other reasons I can roll over. By adding my saving to this goal it brought me back to my 30’s the best anti aging solution I’ve ever used! I get putting hundreds away each month for an age your not even sure you’re going to make is a little uneventful.

My suggestion is to still do it.

Retirement is not some magical age where you don’t have to work. It’s something you need to work up to. If your not securing your retirement nobody else is either. I got some really good advice at a young age that has helped me financially on several levels.

Never spend money in hopes you will make more later

This how people get deep into debt and get stuck paycheck to paycheck. Loans of any sort should have a very short term return that covers the cost. I personally would never get a loan or credit card debt that would take more than 6 months to pay. Hoping you will be making more money later to justify spending more now is a slippery slope even the most experienced boarders will bail on everytime.

Stay focused, stay the course my friends.

Comments (1)

  • Fred Harrington
    October 26, 2017 at 12:38 am

    I only figured this out recently and im now in my thirties. But i’m saving hard so fingers crossed I get to that 7 figure mark before im 65!

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