Who Wants To Be A Millionaire?

As I’m approaching the end of my debt (other than mortgage) I’m really beginning to embrace the idea of building wealth. I’m not here to say that I’ll ever make it to the millionaire status but I’d sure like to try to get as close as possible. In doing some research on wealth building I’ve discovered that most do so by simply living below their means and by making smart investments.

According to “The Millionaire Next Door” more than 80% of millionaires are people who have accumulated their wealth in one generation. What that means is they didn’t do it by signing multimillion dollar contracts.

The Motley Fool writers provide some logical tips in the department of saving money and living below your means.

Like paying off debt wealth building requires discipline and planning. Chuck Saletta talks about how you could become a millionaire on just $20.00 a day. Of course we wouldn’t blame you if you just wanted to find the easiest path to $1 Million.

Regardless of your path it would just make sense that if you are going to work so hard pay off your debt then you would want to work just as hard, if not harder, to turn it around and build your wealth.

Mistakes to Avoid in Retirement Planning

The Goal of planning for retirement is to actually have money to enjoy a comfortable lifestyle worry free. The more time you are able to spend researching the better you are able to plan for those “Golden Years.”

Cheryl Allebrand makes researching a little easier by pointing out eight mistakes to avoid during retirement planning.

Avoid these 8 mistakes:
1. Managing investments in isolation
2. Putting the wrong investments in taxable vs. tax-deferred accounts
3. Not taking advantage of employer matching contributions
4. Ignoring high fees
5. Not filing IRS Form 8606 with nondeductible IRAs
6. Believing you can't touch the principal in retirement
7. Assuming that using net unrealized appreciation is always the best option
8. Failing to update beneficiaries on your forms