A successful retirement takes a proper plan
Having a million-dollar portfolio is a retirement dream for many people. Making that dream come true requires some serious effort. While success is never a sure thing, the 10 steps outlined below will go a long way toward helping you achieve your objective.
1. Set a Goal
Nobody plans to fail, but plenty of people fail to plan. It’s a cliché, but it’s true. Making a plan is the leading self-help advice from athletes, business moguls, and everyday people who have achieved extraordinary goals.
- To retire as a millionaire, the first thing you need is a proper retirement plan for the long haul.
- Employer-sponsored retirement accounts where your company matches your contributions are a great way to sock away cash.
- Stick to your budget and spend within your means, avoiding debilitating credit card debt.
2. Start Saving
If you don’t save, you’ll never reach your goal. As obvious as this might seem, far too many people never even start to save. If your employer offers a 401(k) plan, enrolling in it is a great way to put your savings on auto-pilot. Simply sign up for the plan, and contributions will be automatically taken out of your paycheck, increasing your savings and decreasing your immediate tax liability.
If your employer offers to match your contributions up to a certain percentage, be sure to contribute enough to get the full match. It’s like getting a guaranteed return on your investment. Finding the cash to stash may be a challenge, particularly when you’re young, but don’t let that stop you from pursuing future riches. And remember that the younger you start, the more time your money has to grow.