Sign up for automatic investing plans, which will funnel the savings directly from your paycheck into your investment account. That way the money starts compounding immediately. Plus, you'll never miss it.
Beginning at age 30, if you save $671 each month at an 8% return, you'll have $1 million by age 60. Begin at age 40, and you need to save $1,698 each month.
Key stat: 8.9 million U.S. households have a net worth of at least $1 million, not including equity in a primary residence.
1. Make saving automatic
|
A place by the beach, or perhaps you prefer the country? Here's what you need to know before taking on a second house. (more) ...or whatever his dream school is. By salting away money now and being realistic about financial aid, you can do it. (more) If you want to quit young and enjoy an extra-long retirement, you've got some work to do now. Here are 5 guiding principles. (more) Don't kid yourself. Starting a company is hard. But if you succeed, you're on your way to financial independence. (more)
|
