“When many of us “think of millionaires, we picture high-powered executives cruising around town in chauffeured limousines.”
According to Maurie Backman for The Motley Fool, you don’t need to have an insanely high salary to be a millionaire, in fact you can become one easily with the median household income for the US which is around $56,000 a year.
Get your priorities straight
Success does not come from luck or a one time investment. Rather it comes from working hard, living below your means, and saving early on. Ideally, you should be saving 10% of your salary each year for retirement, regardless of how much you earn
Choose the right investments
Even if you start investing early, the investments you choose play an equally important role. Adopting a more aggressive investment strategy is a key component of growing wealth, and if you start saving early on, you'll have plenty of time to ride out the stock market's ups and downs.
Choose the right investments
Even if you start investing early, the investments you choose play an equally important role. Adopting a more aggressive investment strategy is a key component of growing wealth, and if you start saving early on, you'll have plenty of time to ride out the stock market's ups and downs.
On the other hand, if you play it too safe, you'll get much less bang for your investment buck.
All you need to become a millionaire by the time you retire (or even sooner) is a smart savings and investment strategy from the start. You must also be willing to adopt a lifestyle that supports your strategies. If you prioritize your savings early on in in your career, you will eventually become financially successful down the line.
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Questions
1) Do you think this is good advice?
2) What other ways can you save for your retirement/future?
3) Do you believe there are more components to being financially successful than saving and investing?
Source: http://money.cnn.com/2017/05/16/retirement/millionaire-salary/index.html?iid=hp-grid-dom
I do think this is good advice. I agree that in order for success one must start saving early on. I believe that if you set your mind on something you can achieve it.
ReplyDeleteI think that this is really good advice because it could help a lot of people make a lot of money. I think that saving 10% of your income is a smart move because a lot of people want spend all of what they make to get things they need and want
ReplyDeleteI think it is good advice, but the risk of losing money and also the risk of gaining a lot of money is there. I just think that the risk of losing money is bigger. Make small investments. Yes i believe that there are other components.
ReplyDeleteThese are good tips for anyone who seeks to have a healthy, balanced financial life. Not everyone wants to be a millionaire, but those who have sense to save can help from these general tips. Other tips for success include self control, which can also help your overall health too for unwise tips on eating or exercising.
ReplyDeleteAny amount being saved consistantly will grow over time and the more you save the quicker you'll "get rich" sounds smart
ReplyDeleteThis is great advice for anyone. I agree with Tomislav that not everyone wants to be a millionaire. I think that the earlier you start, the better things can turn out. In all honesty, it really does not matter when you start. You could have a hard time no matter when you start. However, as Tomislav said before, self control is one of the best tips you can give anyone when it comes to finances.
ReplyDeleteI think this would be good advice to take because the more money you save now the more money you will have later when you retire.
ReplyDeleteI think investing is a great way to not only make money but store money. Leaving money in a bank gaining no interest is like putting your money in hole and covering it with dirt.
ReplyDeleteI think this is good advice. There are many ways to save for retirement and I don't think it is ever too early to start.
ReplyDeleteI agree with everyone that has commented; these are great tips to become financially successful. However, I think if you follow the steps in this article, you'll have a better chance to become a millionaire, but I don't think you're guaranteed to become one. As "Pippin" the musical states, "It's smarter to be lucky than it's lucky to be smart."
ReplyDeleteI think it's possible that people can become millionaires by the time they retire but I don't think that people will actually save 10% for their retirement consistently. However, if you invest and can save 10% every time, then it's definitely achievable.
ReplyDeleteI think this is good advice and it's always important to consider retirement funds. I think saving is a key component for retiring but there should be a balance between saving and spending
ReplyDeleteI believe that this is good advice and that in order to become wealthy one must learn how to spend their money because if not, then that would cause one to spend it on wants not needs. Also, I would have considered saving for college in my younger days because I seem to have used my money on candy rather then on something that is actually important
ReplyDeleteI think this is good advice and it encourages self-control and making smart financial decisions. It's notable that investment has risks involved, but if a person is careful and aware of what they spend and where they invest, I think these will help a person become financially successful and potentially a millionaire.
ReplyDeleteI believe this is good advice because saving small parts of your salary and using your money wisely is a smart choice no matter who you are. A person who has a smart savings plan will be more financially secure than a person might make more money but burn it on expensive things.
ReplyDeleteI think that this is a good advice because it will allow people to learn how to use their money wisely. People need to think on what is a need and what is a want. It is good to start saving early for retirement.
ReplyDeleteI believe that this great advice, I think that this can teach young adults how to save money as well. A 401k plan however works kind of the same since you're saving for retirement, only difference is that you are not able to touch that money.
ReplyDeleteI believe that the advise that is given above is great advise on how o make more money as you progress in your career. I would say another way you can save is spend your money wisely and on the things that you need and not only on what you want. I would think that there are more components to being financially successful than saving and investing which is keeping a steady job that pays well for you and your family.
ReplyDeleteI believe that any type of advice that is given to people that are going into the economy fresh out of the womb is great advice because it is setting them up for success. Another way to save for later is every time you use cash and you get change (coins) just put them in a jar and it usually racks up pretty good. Not a lot but enough. There is more I just do not know them.
ReplyDeleteI think that this is good advice because it does allow people to start saving early and helps them start (because it talks about getting priorities in order)
ReplyDeleteThis is good advice and it can help you be successful.
ReplyDeleteIt's good advice in general to save earlier rather than later because it makes future endeavors easier.
ReplyDeleteI agree that this is good advice because it helps people save more money and have a good plan for their future
ReplyDeleteI think this is good advice. One piece of advice I would take from this is to definitely save money as soon as possible. Even though the savings seem like very little, anything helps especially when unexpected situations come up.
ReplyDeleteWow this is what the kids would call "real news" its just time to get rid of those amenities like all the cool stuff and then you can unlock that cool badge that makes you the millionaire. So once I go to work everyday and live off Mcchickens for a year I'll be a millionaire and then finally in my ragged clothes I'll be respected by all.
ReplyDeleteI think this is good advice. You can save for retirement would be to save money when you start earning or receiving money. A little bit at a time helps in any way. I do think there are more components to being financially successful than only saving and investing.
ReplyDeleteI believe that this is really good advice because people do need to make smart decisions with money, although i believe that if someone wants to make an investment i think they should start off with a small investment rather then going big because losing money would suck but then again that is how one learns, from their mistakes. Also I do think that there are more components that would bring financial success.
ReplyDeleteAs we learned in class, one should start saving for retirement the second that they get a job. I believe this is good advice for people so that when retirement comes they will be able to rest easy knowing they have money saved up.
ReplyDeleteI think it is good advice for people should plan ahead for when they do not work. Also, they should spend more on what they need compared to what they want.
ReplyDeleteYou can save money by investing and saving money through time. Every check should go into your savings then just spending it on unnecessary materials. Well there should be a balance on saving and spending.
ReplyDeleteI think it's extremely important to start saving for retirement early on because a big savings goal will be much harder to accomplish if you don't plan ahead. Constantly putting money away while being conscious of your spending is a good way to guarantee that you'll have a comfortable life during retirement.
ReplyDeleteAny amount being saved consistantly will grow over time and the more you save the quicker you'll "get rich" sounds smart
ReplyDeleteInvestment is obviously a good way to make money, but it doesn't guarantee anyone will be a millionaire. With this small salary there are also risks of losing a lot of money to potential accidents. There are definitely more aspects to financial success.
ReplyDeleteIt is important to start saving young for retirement because we have to keep in mind that not everyone receives much to live on when old. Investing is a great way to make money, but one should not depend on investments.
ReplyDeleteI think this is good advice for people, but sometimes people are put in situations where it is not possible for them to save 10% of their salary. Knowing how to prioritize early and investing early is important because it will help increase the chances of being financially successful in the future.
ReplyDeleteI think this is good advice because it will give people an idea that saving money is the key to having a stable live. Also other ways to save up for retirement is by not wasting money on things you don't need.
ReplyDeleteThis is good advice it gives people an idea on where and how to start investing for retirement because everyone should save up for the future
ReplyDeleteI personally am a saver, not a spender. if i won the lottery, i would put it away into savings for my future. the more i have in the future, the most stable my situation
ReplyDeleteI agree with this advise and I think it is extremely impotent to save as much as possible while still living comfortable that way in the future you can be more stable if there is some emergency
ReplyDeleteI agree with this advice and I think it is very important to focus on saving so that you can try and have as much money as possible later in life.
ReplyDeleteI think this is good advice. People can save money by only purchasing the minimal amount of what they need.
ReplyDeleteI like the advice that was given. I think it would help you learn how to invest. I also agree with Patrick. I am a saver not a spender and I usually like to put my money in the bank and let it pile up.
ReplyDeleteI believe getting rich quick is non existent. I feel that this advice is beneficial to those who wish to earn some money through investing, but you cant receive enough to become a millionaire.
ReplyDeleteI think this is a good advice because I would like to retire early. Therefore, saving money and investing them can help me in the long run.
ReplyDeleteI believe that it is extremely helpful advice for anyone who is looking to be healthy and balanced financially. However, i think it is also important to save money and take things slow. Rather than retire extremely early, attempt to find a job that you enjoy and save money that way.
ReplyDeleteI do think this is smart. Investing is the key to success with money. I think it important to save as much as possible as early as possible. In addition to this article,more specific, I think the other avenue to being succesful is investing in real estate.
ReplyDeleteI think that this is good advice because in order to make money you have to invest it and be smart about your investments
ReplyDeleteI find this to be extremely good advice. Being that 95% of us will most likely be getting payed around 60k a year, this helps a lot. Another way I would save is to get a job that has a great 401k and pension plan.
ReplyDeleteThis is great advice because saving money is always something good. When saving comes in play, more strategic and a healthier life style comes to play. Retirement is also very important. Living a lifestyle with no worries about money is great. Being successful includes the person to be determined in their job. To be the best they can be in what they do for a living.
ReplyDeleteI think that this is good advice. You want to start saving for your future early, and it is always good to make smart decisions when investing your money. I think that organization is also a huge part of saving and investing. You need to keep track f your expenses to make sure that you don't spend more than you have or more than you should be.
ReplyDeleteNowadays with the retirement year increasing due to healthy bodies, it would be super smart to start saving early. It does start with smart saving and that smart saving needs to be taught early as well.
ReplyDeleteYes I think it is good advice because it is never to early to start saving. There are always you can save money and have it for your retirement. One huge mistake people do is to start saving money to late in their life and not having enough money for their retirement.
ReplyDeletethis is good advice everyone should start to save up early because it will only benefit them
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ReplyDeleteThis very good advice, especially for young adults who are working because many get carried away spending money right when they receive their checks.
ReplyDeleteI think that this is awesome advice to give. Saving money is really what it comes down to and I don't think a lot of people understand that. Some people can make a million dollars a year and somehow manage to lose all of it within that year. I think just making sure that you are on top of your money and knowing what is coming in and out of your account is really important as well.
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