Search for the BEST CD RATES by searching at RatesORama.com
 
 
 
0

You Don’t Know This Millionaire

Posted by admin on April 14, 2011 in Steps to Becoming Rich

You don’t know me but I’m a millionaire. I’m in my mid 40′s and never made more than $75,000 a year. I have a family, three children a wife who stays at home but has a harder job than I do and still been able to save a million dollars even with savings rates monitorbankrates.com/online-savings-accounts on online savings trates and CD ratesvery low these days.

How did I do it? I didn’t sell a company, make money in the stock market all I did was saving and invest my money in savings accounts, money market accounts, certificates of deposit and Treasury Inflation-Protected Securities (TIPS).

Yes my wife and I saved and live frugally for the past 20 years but now we are looking at retiring by age 50.

The first step to take to save your way to becoming a millionaire is to pay yourself first! I don’t know who originally coined that phrase but it is so true.

Most people decide to pay all there bills first then save what is left but nothing is ever left. You go out to a resturant, charge it then have to pay the credit card bill at the end of the month.

What you should be doing is save as much of your income as you can. Whether it be 1%, 5%, 20% or what you can save and still live. Obviously the more you save the eariler you can become a millionaire.

Unfortuately right now investment rates won’t give you much of a return but that should change in the coming years. The highest CD rates and savings rates aren’t much more than 1.50 percent right now but I expect rates to increase in the coming years.

So the first step you need to do is sit down and figure out how much you can pay yourself first every week.

I’ll return with more steps on becoming a millionaire.

Tags: , , , , , ,