Let's talk Money: How to become a MILLIONAIRE?
How to become a #MILLIONAIRE in the United States when you retire?!
According to CNBC, for families with members between 56-61, the mean retirement savings is merely $163,577. Seriously, how can you be retired and stay retired with that kind of #savings?! Relying on social security (or what I like to call it "social insecurity")?! You seriously trust that the #government is so reliable to a point where you can rely on them for your retirement?
Wake up, STUPID! Start saving NOW!
Picture from GOBankingRates.com
It is better to start young than starting at a later age...
Time and interest is your friend...
Take advantage of compound interest!
It is extremely easy to do that, I will show you how...
Assumption:
- $175/month (A little bit less than $6/day)
- Investing in Roth IRA (Grows Tax Free)
- #Invest into S&P 500 Index earns an average annualized 10% return
- 40 years consistently invest
At the end of the 40 years, you will have $1.1m to retire or leave a legacy to your heir.
Saving $175/month is too hard? Ask yourself the following questions, and I am almost certain that you can find your $175/month:
- How much do you normally spend eating out per month?
- How much are you paying for your Starbucks coffee every morning?
- How much do you spend monthly on #clothes & shoes that you don't end up wearing?
- How much do you spend on cable?
- How much do you spend on subscription that you no longer use?
Couple suggestions, it is as easy as "ABC":
- Automate your Contribution: Pay yourself first! Set aside the $175 in the beginning of the month so you don't ever have to think about it. When you see you have less money in your bank account, you will learn how to live without that $175.
- Balance your #Budget: Never spend more than you need, and don't live beyond your means. Spend less than you earn = SAVINGS!
- Create a Detailed Budget: When you create a monthly budget and get into a habit of updating it, you will find out there are a lot of things you can cut, i.e. the every-morning Latte, the subscription that you no longer use, or the couple packs of cigarette.
At the end, stop giving excuses, start saving and plan ahead! Also, what I mean by "investing" is not gambling, if you are putting everything into #cryptocurrency right now, you might want to balance your portfolio.
Stephen @stepbie
(Romans 13:8)
Question:
- What are you doing now to secure your financial future?
- What are the methods you are using to cut down your spending?
Hi @stepbie. I always see you post on @bycoleman's "Thoughts for the Day" series and thought I'd check out your blog. To my surprise, I see this post and I mean this is indeed a gem. I am resteeming this because I think this deserves more views than 8. Our friend @bycoleman used a term "Down Scrolled To Oblivion" (DSTO) and it would be a pity if this went along that route. I don't know if FUR (that's Followed, Upvoted and Resteemed) would help seeing that it is already 3 days old and people don't seem to want to UV (that's upvote) posts that are this old. But seeing we are both newbies, I think visibility should be of major concern to us. So, if by resteeming I could get an additional 10 people to view this then I have achieved my objective. Here's to seeing you become a whale one day.
oh Hi @gems.and.cookies! Somehow I just came across your response! By no means I believe in prosperity gospel (to make it clear), but I have constantly seeing fellow Christ followers undervalue the use and the benefits of money as well. I believe by responsible to the resources that God has given us and blessed us with, we can actually do a lot of good with it, and as a means to glory God, to provide financial supports to Kingdom mindset businesses around the world. Being financially responsible is to acknowledge that God is the provider of all, and that we are simply His "bank". The money that He has entrusted to us is not ours, but His, so that we can be a financial supporters to His missions, to groups of people He cares, so that eventually our Father be gloried.
I agree with you totally. I am also following your Faith Quote of the Day.
Thank you for your support! :)
Hope that we can use this platform to encourage each other!