Tomorrow's Millionaire

Tomorrow's Millionaire

Start Saving Early

Many people may think that saving a $1 million in their lifetime is impossible. But by making a few smart financial decisions early in life, it’s more attainable than you might think!

The easiest way to reach millionaire status is to start saving early. Here are a few tips to help you get on the path to success, and stay there:

  • Make a plan. Saving this kind of dough can’t be done on a whim. Take some time to create a roadmap for how you’re going to achieve your financial goals – and then follow the map to success!

  • Start 401(k) and/or IRA contributions ASAP. Making regular contributions to retirement accounts RIGHT AWAY is essential. It allows you to take full advantage of the saving power of compounding interest. 

    Many employers offer a 401(k) match program. If they do, be sure to contribute enough to take advantage of the match. That’s free money!

  • Earn interest on additional savings. In a high-yield savings account, your money can multiply with no effort from you. Shop around for an account with a great interest rate and start earning on your account balance!

  • Automate your savings. Set up automatic monthly transfers into your new high-yield savings account. Set it, forget it, and your balance will grow before you know it.

  • Stay disciplined. It can be tempting to put fewer and fewer dollars into savings and spend it on non-necessities instead. But staying disciplined and focused will help you reach your goal sooner.

    Try avoiding unnecessary spending and debt throughout your life – and as you save more, don’t give in to the temptation to spend more!
  • Ask for help if you get lost. Financial planning can be tough – especially with such lofty goals! Don’t be afraid to get help from a finance professional.