7 Simple Steps to $1 Million - Deepstash

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7 Simple Steps to $1 Million

investopedia.com

Stop Senseless Spending!

Unfortunately, people have a habit of spending their hard-earned cash on goods and services that they don't need.

It’s important to realize that it's usually not just one item or habit that must be cut out in order to accumulate sizable wealth. Usually, in order to become wealthy, one must...

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Fund Retirement Plans ASAP

When individuals earn money, their first responsibility is to pay current expenses such as rent or mortgage and food. Once these expenses have been covered, the next step should be to fund a retirement plan.

How much difference will funding a vehicle such as a Roth IRA early on in l...

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Improve Tax Awareness

Sometimes, individuals think that doing their own taxes will save them money. In some cases, they might be right. However, in other cases, it may actually end up costing them money because they fail to take advantage of the many deductionsavailable to them.

Try to become more educated as fa...

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Own Your Home

Many of us rent a home or an apartment because we cannot afford to purchase a home, or because we aren't sure where we want to live for the long term. And that's fine. However, renting is often not a good long-term investment because buying a home is a good way to build equity.

Unless you i...

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Avoid Luxury Wheels

There's nothing wrong with purchasing a luxury vehicle. However, individuals who spend an inordinate amount of their incomes on a vehicle are doing themselves a disservice, especially since this asset depreciates in value so rapidly.

How rapidly does a car depreciate?

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Don't Sell Yourself Short

Some individuals are extremely loyal to their employers and will stay with them for years without seeing their incomes take a jump. This can be a mistake, as increasing your income is an excellent way to boost your rate of saving.

Always keep your eye out for other opportunities and try not...

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Don't Rely on Luck

Becoming a millionaire won't happen by any luck, such as winning the lottery, or some other unforeseen circumstance. The only way to become a millionaire is by diligently working to do so. Expecting luck to bring a financial windfall will only delay the time you have to build your wealth. The mon...

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