Wednesday, June 14, 2017

How to go from "Average Joe" to Modern Day Millionaire

If you, like most people, earn an average income, then you might think it’s impossible to ever reach millionaire status. The fact of the matter is, however, that you actually can become a millionaire…or at least get pretty close…as long as you’re willing to be smart with your money and follow some simple tips.    


One of the best pieces of advice you can ever follow is to invest your money and to start investing it early on. Really, if you can just save 10 to 20% of your income each month and use it wisely, you’ll be on the right track.

One smart use for the money you’re saving is to put it into a Roth individual retirement account (Roth IRA). If you just let this money sit there and don’t make any withdraws, it will reinvest its own dividend, and the interest will compound. Your money can grow quite a bit over the years. In fact, if you start investing into your Roth IRA at 25, invest about $458 per month, and your money grows at 7% each year, you could expect to have a million dollars by the time you reach age 63 and are ready to retire!

If you’d like to have your money before you reach retirement age, then it’s as simple as stepping up the amount of savings that you invest each month.Even if you can’t quite save enough to reach that million dollar mark, some saving and investing is better than none at all. To find the absolute best investment strategy for your goals and budget, speak with a financial adviser who can provide you with help and advice and get you started on a good “savings strategy.”

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