I am always open to thoughts on how to best use my savings to grow themselves and I’m sure you are the same so when I read & heard this
Retirement: 5 tips on how to save $1 million
I was all ears! We are all living longer but we still want to maintain our own personal standard of living, as well as being prepared for any future health care costs. This is how to be like a good scout and “Be Prepared”
Five tips for saving a cool million by the time you retire.
- Start early and take advantage of the power of compounding.
It only makes sense too make use of free money
- Have a plan
It really focuses you.
- Take advantage of your company-sponsored savings plan
Again the free money advantage. Jeanne Thompson, vice president at Fidelity Investments, says: “90% of the Fidelity millionaires are taking advantage of the catch-up provisions and many are saving up to the maximum. “They are milking it for all it’s worth.””
- Use automatic deductions for all your savings.
If you stick a certain amount on a regular stop order deduction you can’t be tempted to spend it 🙂
- The stock market is your friend. “You won’t get there just on savings alone,” says Thompson. “It does take some market action.”
Check out the interview with Jeanne Thompson here
Robert Kiyosaki has his own views and offers this guide to wealth
Lets get our savings growing.
Click here to see how I am growing my investments to reach a million …
If you could eventually make $4,000 per month with a $300 investment, would that make financial sense to you?
Go well till the next time