Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....


26 April 2009

Question about Saving - Back to Basics of GenM

Comment from article about my uncle and not having money in retirement.

Where are you supposed to save those small amounts? can you fully trust banks?also, if the amounts are small now, they will be worthless in the future... unless you save lots and lots of small amounts....

GenM - Time is on your side -So what is one of the pieces of the puzzle? "Time + Regular Investing" into a diversified portfolio = Long term success.

The sooner you start investing in a 401k or IRA the more $$ you have for retirement.
If you invest $60 a week or $8.56 a day starting at age 18 for 50 years with an 8% return = $1.9 Million.
If you invest $60 a week starting at age 25 for 42 years with an 8% return = $1 Million

By waiting 7 years to invest a mere $60 a week - you give up almost one million dollars.

Where am I going to get $60 a week ??..... it is so easy with simple changes you won"t notice in the long run........Pack your lunch instead of eating out - Go to the library for movies, cds, books and games - Plan your route to avoid extra driving - Go to a matinee - Drink water vs ordering soda, coffee, tea etc. Clip coupons. Most cities offer free events - check local newspaper. Little changes that will not affect your quality of life TODAY will pay off big TOMORROW. This information can change your entire generation - WILL YOU BE A MILLIONAIRE?

Next post will be where to invest the small amounts of money....

Stay tuned.......

No comments:

site design: