Happy Millionaire's Day!!
Is it possible to become a MILLIONAIRE in today’s economy? Yes. In America, it’s still an achievable reality, though you can’t just WAVE your Magic WAND to make it happen. Darn.
Getting there takes focus, plenty of SAVING and probably means you’ll have to make conscious choices about where and how you SPEND.
J Money says: “Most of us will earn millions of dollars over the course of our lives, but it’s how much we *stash aside* that counts.” I loved J Money’s article “Happy Millionaire Day” so much I had my assistant Lu send an email out to my whole list. By the way, Millionaire Day was May 20th and if you didn't catch it the first time follow the link now. It’s excellent.
Here are J Money’s TOP STRATEGIES to become a Millionaire and/or Create greater Financial Freedom: Read more
- Max out SEP IRA every year. $11,000+ (or whatever you’re legally allowed to in your business)
- Max out Roth IRA @ $5,500 (and continue upping it as the limits increase) And, if that feels too out of reach, it’s better to START small than not at all. Pick one of these and get it done today.
- Set up an automatic transfer of $50/mo into savings.
- Set up an automatic transfer of $100/mo into investments.
- Increase your savings by 1% each month for a year.
- Try a “no spend” month (BOOM – automatic savings!)
- Increase your 401(k) contributions by 5% right now (you’ll notice it, but not as much as you think)
- Sell your extra car/clothes/TV/guitar/anything that can be converted to $$$
(My step-son, Eric and his wife Laurie, who are raising their grandchildren (bless them - had a yard sale and made $900.00.) Get a roommate/move back in with your parents! While J Money might think the parent option this would work – his wife didn’t agree. I’m with her!!
Curious about how long it will take to become a millionaire, or become financially FREE, if you start now? Check out the CNN Millionaire Calculator to get you started.