Here Are 5 Simple Steps To Reach $1 Million

Here Are 5 Simple Steps To Reach $1 Million

According to MarketWatch, these 5 simple steps can lead us to becoming a millionaire before we retire...

(1) Take the free money.  Put at least enough in your 401(K) to get the employer match.  Also, increase your 401(K) contribution until the maximum allowed.

(2) Learn to say no to yourself.  You'll need to live below your means to reach that million dollar goal.  Look at your banking statement & start by cutting what's not important or memorable to boost your savings rate.  

(3) Minimize your debt.  No matter what, pay your credit card(s) off every month.  Also, buy a cheaper car or house than you can afford & you'll get to $1 million that much faster.

(4) Invest in low-fee funds.  The lower the fees, the more money will be left for you.  

(5) Be patient, time is on your side.  Let the power of compounding do the heavy-lifting in your accounts.  Eventually, what you make off your investments will outpace how much new money you're adding to them.

Marketwatch also says that, yes, there are definitely more things you can do...But sticking to these 5 easy steps will put you on the right track to reaching your $1 million goal.  Good luck!

 

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