You don’t have to be a millionaire at retirement buuuut it is more fun! Start early, contribute regularly and watch your money grow! Here are a couple of quick tips to help you reach Millionaire status. Next week we’ll share a couple more.
Make Smart, Strategic Investments
The stock market averages about 7% growth each year. And while it does have its ups and downs, over time, it tends to go up. Which is why investing is such an important part of building up a retirement fund.
The problem is that sometimes it feels like investing is only for the super rich, who own shares of the world’s biggest companies.
And if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
There are tools and apps available to help with getting started or you can find advisors like us here at WWWC!
Stop Overpaying Your Monthly Bills
Finding extra cash on the street each month would be an easy way to build up your retirement savings. But since the likelihood of that happening is pretty low, you need to go searching for that money yourself.
Start by looking at the bills you have to pay each month — are you spending more than you need to? If you haven’t looked for new car insurance in a few months, you could be wasting hundreds of dollars that would be better off in a savings account.
You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.
A little effort can go a long way!
Have a great weekend!
This commentary originally appeared September 7th on Thepennyhoarder.com. Sourced from: https://www.thepennyhoarder.com/credit-scores/retire-not-a-millionaire/?aff_sub2=homepage