I read an interesting article in a newsletter recently about where most millionaires started their journey.
I was surprised and maybe you’ll be too…
Would you believe that there are currently over 10.8 million millionaires in America? (1)
What’s more, the number is growing.
One study reported that the Millionaire’s Club grew by 400,000 in 2016 and over 700,000 in 2017.
That’s a lot of seven-figure earners.
It seems that with each passing year, hundreds of thousands of Americans are crossing the million-dollar mark and facing their future with more financial confidence than ever.
And that’s exciting!!
The part I liked the most, in the article, was learning that a lot of these millionaires started their journey by investing in their company’s retirement plan.
There are many different paths to financial success
But 401(k) is a powerful option and has the potential to elevate you to millionaire status as well.
Here are 2 surprising reasons why this strategy works:
1. The power of the company match.
- The wealthy do not pass up free money, and neither should you.
- Your employer is basically giving you a bonus when they offer to match a percentage of your contribution.
- Nowhere in the world will you get a 100% return on at least part of your money.
- Leaving it on the table is like setting cash on fire!
2. The pretax advantage.
- The money you put into your 401(k) is pretax dollars and lowers your taxable income.
There are many different views and information available on 401(k) and other saving plans
But the biggest difference between those on the right path vs. those who are not is the amount of time and effort you put into devising a plan for your finances.
There is no substitute for due diligence.
So do your research and decide what’s best for you.
“If you aspire to the summit, learn from those who have already climbed mountains.”
Until next time…..
I look forward to hearing from you!!
Althea
Download your FREE copy at www.altheamcleish.com
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PS. Yes… I’m a nurse, but did you know that I have a side hustle? I’ve partnered with a leading financial service company and the number one thing they do is credit restoration. We’ve helped many people since I started on this journey and always looking to serve more. Check out these links…. Fix Your Credit and Earn Extra Income.
My goal is to connect people, ideas, and resources so that your life is better because I helped you make the right connection!!
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