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If you see yourself as an average kind of person, then you might think you'll never have the chance to retire as a millionaire. But, that's not true. There are many so-called average people who retired as millionaires, and they're sharing some of their tips and tricks. So, no matter your age or where you're at in life, there's hope that you, too, can retire with more than $1 million.
Tips and Tricks from Average People Who Retired as Millionaires
Start saving now. One of the most obvious things to do if you want to retire a millionaire is to save, save and save. This varies depending on your age group. For example, DutchPoint.org notes that if you're age 20 to 25, you can start saving about $300 a month, and if you keep that up, you should be able to reach your retirement savings goal when you're ready. If you start saving at age 35, that goes up to $700 a month to reach $1 million by age 65. If you're 45 to 50, to become a millionaire by age 65, you would need to save $3,000 each month. So, it's obviously much more difficult the older you get. But, it's not impossible.
Choose some investments that generate income. Look into investments that could give you some extra cash. Nick Disney is a multi-millionaire who plans to retire at age 44. He tells Yahoo! Finance that his main strategy is to invest in real estate. "[Investing in real estate] will help you create wealth and provide monthly cash flow that can replace your salary, so you can retire when you are ready," he says. "I like this strategy, because almost anyone can do it, you can scale it up to fit your needs, and it is one of the most tried and true methods to create wealth in history." If real estate isn't your thing, get with a financial expert to get advice on some other investment opportunities that would be more suited to you.
Invest in your 401(k), and go big. Finally, you know about your company's 401(k), but are you really maximizing it? According to The National Study of Millionaires, eight out of 10 millionaires invested in their company's 401(k) plan. Most employers who offer a 401(k) plan will even match a portion of your investment, so take advantage of that, too. Also, if your employer offers a Roth 401(k) option, look into that, as well. It's always a good idea to diversity your investments and retirement plans, so the more, the merrier. So, there are some tips and tricks from people who retired as millionaires. Of course, you should talk to your financial expert before you make any decision, since these are just suggestions. Read below for more tips on people who retired as millionaires.
