Tips for Joining The Millionaire Club

Wish that money grew on trees? Of course that would make life seem easier, but it is not reality. So if you want to live like you have a money tree, start making those steps required to get there. All you need is discipline, interest, and time

Discipline Yourself to Making Saving Automatic
Any kind of automatic savings that you can set up is best. If you are dedicated to setting aside a certain percentage of your paycheck, you will reach your end goal. Saving is the most crucial part of building up your greens. BUT don’t stop once your bank account reaches seven digits. In order to maintain any kind of substantial funds you must keep on saving.

Grow that Money, Make Your Interest Count
By increasing the deposits flowing into your account and keeping your hands off can help you double your money with interest income. The easiest way to save that hard earned cash and make it work for you is to keep it in a high interest savings account (like an RIA) and not in your pocket. Just remember this doesn’t happen overnight so you have to be patient and give your money time to grow.

Also make sure you take advantage of tax-sheltered accounts like a 401 (k). By contributing to such accounts you could get tax breaks and increase your capital gains. Looking into to stocks is also a popular way to grow your money tree, so do your research and figure out what would work best for your lifestyle and your budget.

Boost Your Earning
Keep up with the markets for your profession. When possible, negotiate for as much pay as possible.  If you have an extra degree such as an M.B.A., make sure you are getting your money’s worth; knowing the market for your field and education will help you keep up with those big money professions.

Did You Know?
If you are 18 years old or younger you could be a millionaire by the time you are 50! It does require a bit of savings each month, but for $750 a month at 8% interest your money tree would be booming with one million greens in 32 years and that’s just by saving alone!

Do you have any special saving secrets or advice you could share with the world? Maybe you have a question on how to get the most out of a savings account. Feel free to post any helpful tips or creative ideas that might help others make their money trees flourish!   If you have a question just ask, that is why we are here!