7 Simple Steps to $1 Million - Deepstash
The Power of Storytelling

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The Power of Storytelling

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Stop Senseless Spending!

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 adopt a disciplined lifestyle and budget. This may mean eating out less frequently or cutting back on expenses.

This doesn't mean that you shouldn't go out and have fun, but you should try to do things in moderation and set a budget if you hope to save money.

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Fund Retirement Plans ASAP

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 life make?

If you're 23 years old and deposit $3,000 per year (that's only $250 each month) in a Roth IRA earning an 8% average annual return, you will have saved $985,749 by the time you are 65 years old due to the power of compounding in comparison to $724,753 if you waited 10 years later.

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Improve Tax Awareness

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 far as what types of items are deductible. However, if you're not willing or able to become educated about filing your own income taxes, it may actually pay to hire some help, particularly if you are self-employed, own a business, or have other circumstances that complicate your tax return.

37

146 reads

Own Your Home

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 intend to move in a short period of time, it generally makes sense to consider putting a down payment on a home. At least this way, over time, you can build up some equity and the foundation for a nest egg.

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250 reads

Avoid Luxury Wheels

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?

Obviously, this depends on the make, model, year, and demand for the vehicle, but a general rule is that a new car loses 15% to 20% of its value per year. So, a two-year-old car will be worth 80% to 85% of its purchase price; a three-year-old car will be worth 80% to 85% of its two-year-old value.

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224 reads

Don't Sell Yourself Short

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 to sell yourself short. Work hard and find an employer who will compensate you for your work ethic, skills, and experience.

42

266 reads

Don't Rely on Luck

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 money spent on lotteries and other get-rich-quick schemes will be better utilized as savings and investments.

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240 reads

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noviceinvestor

Income. Save. Invest. Spend 💡~ Making Careers & Investing Simpler

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