TheInfoNG - Your Tablet for Entertainment, News, Gossips & Trends..

9 things you need to do in your 20s that will make you a millionaire before 30 – #4 and #8 is a must

3. Save to invest, don’t save to save

Writes Cardone: “The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”

Investing is not as complicated or daunting as we make it out to be. The simplest starting point is to contribute to your 401(k) if your employer offers one, and take full advantage of your company’s 401(k) match program — which is essentially free money — if it has one.

Next, consider contributing money toward a Roth IRA or traditional IRA, individual retirement accounts with different contribution limits and tax structures — which one you can use depends on your income. If you still have money left over, you can research low-cost index funds, which Warren Buffett recommends, and look into the online-investment platforms known as “robo-advisers.”

The key to consistently setting aside money is to make it automatic. That way, you’ll never even see the money you’re contributing and you’ll learn to live without it.

RELATED STORIES

TRENDING

1 of 4

LATEST UPDATES

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More