How to Become a Millionaire

By Jeff Schneider

You’ve wondered what the person sitting at the desk next to you is making. How they afforded that all-inclusive trip to the Bahamas and still afforded a new car. 

But did that person sitting next to you just inherit some money? Are they bleeding through an old trust account? Or maybe just burning through savings? Or worse, one of those horror stories you hear about racking up $60,000 of debt on credit cards. 

Perhaps your boss is giving them all those raises you’ve been missing out on the past few years. 

You can’t ask… 

Money is a taboo subject. 

It’s personal and you’d be better off ignoring those neighbors. 

Instead, we are influenced by these neighbors and it has left many people broke just a few years before retirement. 

A recent study of Americans between the ages of 50-64, showed that about 51% didn’t even have a retirement account. And those that did have an account, the average balance in all of their retirement accounts was $46,032. 

3 PRACTICAL IDEAS TO GET YOU ON THE ROAD TO MORE SECURE RETIREMENT DAYS.

1. Become DEBT-FREE, including mortgage.

Eliminate all of your consumer debt, as well as your mortgage. This will make it much easier for you to retire, even if your retirement years aren’t fully funded. Here are few quick “to do’s” to help you ditch your consumer debt:

A. Stop using plastic until you learn responsible use of credit. Anyone using credit cards should aim at paying each monthly balance in full so no interest accrues. There are free cash management tools available to help you do this, following an envelope budgeting system is a great way to help make sure you always have enough cash to pay the bill in full.