According to the book, the average (non- inheriting, that is) millionaire is just like the Average Joe but in contrast, has been financially savvy for years and consequently been rewarded for his or her good fiscal deeds. Even though it was first published over 30 years ago, the essence of what it has to say is evergreen.
The Millionaire Next Door by Thomas Stanley is one of my favorite books on personal finance and I highly recommend you give it a read. Financial Habits of Millionaires in the Making.
Then as your net worth increases, most of your wealth-building sweat labor will be replaced by compounding interest. How can this be? First off, if you’ve managed to squirrel away a cool million so far, you have probably developed some positive financial habits that will continue into the future. Start Savings NOW So You Don’t have to constantly worry about running out of money in retirement. But I do have some good news the first million is the hardest and it can most definitely get easier from there. Plus, the younger you are now, the more you’re going to need to sock away in the long run. It’s true, the more you make the more you will need to set aside to replace that income in your golden years. The good news is that we are seeing record numbers of American becoming multi-millionaires.Ī client of mine who had checked out a retirement estimator was shocked to learn they needed to accumulate several million dollars to reach their retirement goals. I believe everyone reading this can become a millionaire given they follow a financial plan and given enough time. Unfortunately, no matter your age today, chances are you’re going to need to accumulate at least a million dollars to maintain your standard of living in retirement.
Some of us are old enough to remember when having a million bucks really made you feel like a million bucks (paging Austin Powers). By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™ and other encouraging retirement realities. The First Million is the Hardest How to Build a Million Dollar Net Worth.
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