How to save a Million Dollars in Detroit
Saving a million dollars really isn’t all that hard to do. Think of is this way. Are you able to save up $1,000? Sure you are; that’s easy! Well, just do this $1,000 times and you’re there! Of course, the interest dividends you receive along the way will help too.
Don’t waste your time thinking that you will never have money in the bank because you don’t make enough. As long as you are receiving a steady paycheck, you can deposit money to your savings account each week, whether you just deposit the loose change or a whopping $50 - $100! Make it a rule to pay yourself first; always deposit something to your savings account.
Wage Earners in Detroit can Save a Million Dollars
If you have a very low wage job, then your goal is not to save a million just yet; your goal is to have more than you had last week. As you continue on this path, your money will grow. Slow growth is better than no growth. The important thing is to start now; do not wait until things get better. You’ve likely heard the saying, “the more you make, the more you spend.” This is true with too many people.
While you may want to improve your lifestyle as you get pay raises or job promotions, keep in mind that you also need to increase the amount of money you save each week or each pay period. Do not put the entire pay increase toward new toys and living expenses if you really want to get ahead.
Wealth Building and Investing in Metro Detroit
Once you have enough money in the bank to allow you to pay your bills for 3 – 6 months in the event of job loss, you should feel secure enough to look into investing in some stocks or mutual funds. These can be set up in a number of ways. The best way is to have an automatic withdrawal, a set amount on the same day each month, from your checking account to your stocks, so they build at a nice rate.
Seek the help of a financial advisor who can fill out your financial analysis based on your income, your age, family size, living expenses and future goals. A good financial advisor will be able to steer you in the right direction to keep you moving forward toward your goal of one million dollars! You should be able to complete this goal and continue onto two or three million dollars as one million dollars really isn’t what it used to be.
Michael McGee shares wealth building tips while providing help with financial planning, self directed IRA, real estate IRA, SIMPLE IRA, traditional IRA, Roth IRA, SEP IRA, 401-K plans, college funding, 529 college savings plan, tax shelter, investment savings, family savings and financial security for consumers and business owners in Oakland County, Pontiac, Waterford, West Bloomfield, Farmington Hills, Southfield, Royal Oak, Rochester, Troy, Novi, Wayne County, Detroit, Dearborn, Livonia, Redford, Romulus, Westland, Northville, Plymouth, Canton, Trenton, Taylor and neighboring cities and communities.
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