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How To Become A Millionaire

Not everyone will become a millionaire, but virtually everyone can become a millionaire...even a multi-millionaire. Kiplinger's Personal Finance Magazine published a "How to.." article on February 27, 2007. Unfortuantely, the link to the original article is dead, but the main points from the article are posted below.

12 Steps To Become A Millionaire

You don't have to own the company or be a CEO. Here's how to build a rich nest egg one paycheck at a time.

...working for the Man doesn't mean you have to be a wage slave or resort to buying lottery tickets to strike it rich. The trick is to maximize your income on the job (and know when to move on), make the most of your employee benefits and tax breaks and use that extra money to start investing.

1. Keep your eyes peeled for better ways to do your job.
2. Don't be afraid to negotiate.
3. Get your ducks in a row and your numbers on paper.
4. Plot your strategy when it's time to move on.

Milk your benefits

5. Contribute as much as you can to your 401(k) and other tax-deferred retirement plans.
6. Flex your tax-saving muscle.
7. Review your tax withholding.
8. Stash savings in a Roth IRA if you're eligible.

Invest like crazy

9. Don't delay.
10. Invest automatically, either through your employer's retirement plan or by setting up a regular deposit to a mutual fund or broker.
11. Watch for fund fees.
12. Keep it simple.

The bottom line is if you are spending your entire paycheck on car payments, clothes, and vacations, you won't become a millionaire. You've got to pay yourself first every paycheck.

So if you don't want to live on social security when you retire, start now and SAVE, SAVE, SAVE!

Posted by Rick | March 2, 2007 03:00 AM

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