How Do You Save One Million Dollars?
One million dollars is possible for many people to save. The younger you start saving, the sooner you will hit one million. Many people feel that this number is a magic number for them, but in fact you may need more or less for retirement, depending on your cost of living, inflation and the type of retirement you will have. Once you learn how to save this amount, you can plan to save any amount you’d like, at any age. Find sources in investment that offer a long term strong outlook. Some risky stocks may be an option for some people, but for others, less risk is the route to take. Talk to your financial advisor about the options you have, based on your risk tolerance. Invest in the savings vehicle of your choice: CD’s, mutual funds, IRA’s or 401K’s are common investments. Earn as much as possible through them with a target interest rate of 8 percent annually. At this rate, the investment you make will have the ability to grow at a compounded rate, or over and over again each month, unt
