Becoming a millionaire may not be as difficult as you think.  If you can wrap your head around the fact that you are not going to “Get Rich Quick”, well about 99.9% of us won’t, you are on your way to retiring a millionaire. 

Becoming a millionaire takes time and financial awareness.  Investopedia has a great piece which lays out 6 Simple Steps to $1 Million.

  1. Stop Senseless spending – If you do not need it, don’t buy it.  That money can be saved and used to build wealth.  If you build wealth now you can buy whatever you want later.
  2. Fund Retirement Plans ASAP – Are you putting away in a retirement account? No, then start now.
  3. Improve Tax Awareness – Many very good tax deductions are available to those that seek them.  These savings add up to amazing amounts over all the years of your life.
  4. Own Your Home - There is no gain in renting a home.  And now with house prices bottoming out it is a great time to buy and build equity. 
  5. Avoid Luxury Wheels – Depreciation, that is all I really need to say.  If you avoid a huge car payment now, invest that money instead you’ll be able to pay cash for whatever car you want once your a millionaire.
  6. The Bottom Line - Saving is how you reach the 7 figure mark.  Start early and start now. 

I love how Investopedia concludes this article, they say, “Spend wisely and save diligently, your million-dollar dreams are well within reach.”

If you plan to start investing and saving now you can use our resources to help you along the way.  Check out our best CD rates and our Best Interest Checking Accounts.

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