On my mainstream personal finance blog, Blueprint for Financial Prosperity, I penned an article today called How To Become A Millionaire (In 6 Easy Steps!) that begins with a two steps focused solely on retirement. For the retirement saving savvy out there, these two steps are obvious and a staple of retirement planning. Step 1 is to contribute to your company’s 401(k) plan and, hopefully, get yourself a nice employer match for your efforts. Step 2 involves contributing towards a Roth IRA so that you can diversify your tax profile, a little of tax-deferred to go with your tax-free retirement investments.
Becoming a millionaire isn’t difficult but it does require discipline. It’s extremely difficult to take some of your hard earned money and lock it up in a time capsule you won’t open for twenty, thirty, or forty years. It’s even harder if you have current financial demands such as children, bills, etc that are vying for your next dollar. If you have the discipline to do it, you should be handsomely rewarded with a more fulfilling retirement.
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3 responses to “How To Become A Millionaire: Retirement Is Key”
If BFP is your “mainstream personal finance blog,” what is this? :: scratches head ::
I’ve found your blog thanks to Miranda, blogger at AllBusiness, recommending you.
Have you seen much on solo 401k investing in alternative investments, such as real estate, or a startup business. I need info for consumers on this how to invest into such areas. There are companies like Guidant, Pensco, Entrust that serve as custodians, but this IRS-approved form allows the investor/small biz owner to have checkbook control.
My client has created a service for CPAs to help them create these plans, but we don’t find a lot of consumer-oriented info that isn’t filled with hype. We’ve done a whitepaper at our site for CPAs and financial advisors. http://www.mybusiness401k.com
Any tips?
Lily: This one I try to share my retirement thoughts and the other one I try to share “everything else.”