The most realistic way to become a multi-millionaire is through your retirement account. If you begin saving early, ideally through buying stocks, you’ll see investment earnings many times greater than your initial investment amount. For your 401(k), max out your legal contribution amounts, if possible, and take advantage of any employer matches. On the spending side, keep debt to a minimum. Shop around for the best loan rates and refinance your mortgage if the time is right. Finally, maintain an emergency savings fund. This will keep you from raiding your retirement account in times of crisis.
Key Takeaways:
- You can become a millionaire without winning the lottery, it all starts with a retirement account.
- You should start saving for retirement as early as possible this way it has time to accumulate.
- Be sure to not take on too much debt, the amount of money you have is decreased in value because of debt.
“The longer your money remains untouched in your account, the more it’ll be worth in the end if you’ve made wise investments.”
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