US News: “How to Save $1 Million These 15 strategies can lead you on the road toward becoming a millionaire”
August 27, 2020 — In today’s issue of US News, senior editor for personal finance Susannah Snider asked, “SO YOU WANT TO be a millionaire?”
Snider writes: “Saving $1 million is a lofty goal, but it can be attainable for folks who start early, reduce expenses and choose appropriate investments and savings accounts. If you’re looking to steadily climb your way toward millionaire status, here are steps to increase your savings, reduce spending and reach your goals.”
Among ways to accomplish those goals, Snider included: Start early. Choose accounts wisely. Consider taxes. Embrace (smart) risk. Slash expenses. Rethink regular bills. Make more money. Protect yourself. Set goals. Conduct an annual review. Utilize employee benefits. Tackle debt. Automate savings. Avoid lifestyle inflation. And, build good habits.
For advice on three of these goals, she turned to Marguerita Cheng, CEO of Blue Ocean Global Wealth.
- Embrace (Smart) Risk: “Your exact asset allocation should depend on your goals and time horizon. When it comes to your retirement accounts, where you may house the bulk of your savings, consider taking the Goldilocks approach,” Rita says. “Don’t day trade in your 401(k) – think long-term,” she says. “But don’t set it and forget it either.”
- Set Goals: Becoming a millionaire is a large goal, but don’t forget to set small goals to keep you motivated and to help direct how you save and invest your money. “Make sure your allocations are still in line with your goals,” Rita adds.
- Automate Savings: Whatever you can do to make sure your money is automatically saved and bypasses your checking account, the more disciplined and steady you’ll be toward reaching your $1 million goal. “I think automation is very helpful because you don’t have to stop and think about it,” Rita concludes.