If you have a goal to make $1 million, you will probably become wealthier than people who don’t fit set goal. The reason this is so, is because people who seriously want to get rich search for ways in which to do this. If you have the desire to be rich, then this is the first step in becoming rich.
The first thing you should have his motivation. When you wake up in the morning, you should feel full of energy and ready to tackle the day. You should not hit the alarm 10 times and sleep an extra hour. Get out of bed and get busy.
One of the most important things you have to do is to set goals that can be attained. There should be long-term and short-term goals. Making $1 million is not going to happen overnight. It will take some time for this to occur, so you need to plan accordingly. You need to figure out how you’re going to multiply your income, so that you can reach your target.
Of course the younger you are the stronger your will in the easier it will be to make $1 million. If you are not young, that is all right.
If you’re in your 20s you should be saving at least $300 a month. You have to contribute considerably to your IRA or 401(k). Hopefully, your employer will match these funds. The other thing you do is to pay off all your debts. Set up a reserve account and have three months of your salary in it.
If you are in your 30s, you need to be saving considerably more. The amount should be around $600-$700 every month. Also 15% of your salary should be put into a savings account.
If you still want to make money and you are 45, as long as you save $1700 on a monthly basis you will be all right. Also, you need to contribute $15,500 to your 401k account.
If you liked this financial topic then you might be interested in learning about forex scalping and how to learn to trade forex.
- The Best Forex Advice (forextradingsystemcentral.com)
- Pros and Cons of 401k rollover to IRA (2011tax.org)