Make a Million Dollars
Making a million dollars is pretty easy if you start early. However, even if you are starting late, you can see what you need to do to have a million dollars by the time you are 65 years old. Assuming your savings are earning 8% annually, if you follow these tips you'll be on your way to becoming a millionaire! Do more than recommended to become a multi-millionaire! This is assuming you haven't started saving yet. If you already have, you are ahead of the game!
STARTING AT AGE 25.
*Save $286 per month (you don't even have to make a lot of money to be able to save that much! I bet you can afford to save even more than that!)
*Contribute enough to your 401(k) plan to get your company's match. If your work doesn't offer a 401(k), start your own IRA.
*Pay off any high interest debt so you can start saving for a house.
*Set up an emergency fund. You should have at least 3 months worth of your take home pay in an accessible savings account that pays at least 4% interest.
*Invest your money in stocks, if the market is down, that is good since you are a long term investor.
If you are starting this young or younger, you have a great advantage because time is on your side!
*The more you invest at a young age, the better off you will be later on, even if you have to contribute less later on due to life circumstances, you will still be better off than someone who saves more per month, every month who is starting older.
*You need to save $671 a month
*Try to save 15% of your income and if one parents stays home with kids, open a spousal IRA.
*Invest in a 529 college savings plan if you have children.
*You need to save $1,698 a month
*Contribute up to $15,500 to a 401(k) or other workplace retirement plan this year or $5000 into an IRA.
*Keep your focus on retirement savings. Your kids can get financial aid and loans...you don't get that for retirement.
For more information please view WWW.QUICK-INVESTMENT.COM
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