Five ways to join the millionaire club

December 13, 2006 at 3:42 pm Leave a comment

CNN’s business headline for today, “Be a millionaire: 5 ways to get there.” Let’s break them down.

1. Make saving automatic
Have automatic drafts from your checking account to your investments (mutual funds, IRA’s, etc.). It’s easy, convenient, and you’ll never miss it.

2. Take advantage of Uncle Sam
Make sure you use tax-sheltered retirement plans like Roth IRA’s, IRA’s and 401(k)’s.

3. Make stocks work for you
Stocks have averaged twice the returns of bonds. You can try a diversified index fund or stock mutual funds.

4. Boost your earning power
Bringing home a large chunk of bacon is key. Do what you can (education programs, reading, constantly learning) to better your professional career.

5. Don’t stop saving
Don’t stop when you hit that million dollar mark. If you do, that nasty little pest called inflation will catch up with you.

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Entry filed under: Retirement, Saving and Investing.

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