That magical number—$1 million. Even though a million dollars isn’t what it used to be, having a million dollar net worth will still allow you to live a comfortable (and awesome!) retirement.
And, sadly, it is still something most Americans won’t attain. But you can do it; it’s really not hard! It takes a little bit of discipline and dedication, but all it takes is $200 a month! And saving $200 a month is very doable for most families if they make it a priority.
So how does $200 a month become $1 million for retirement?
The answer is compound interest.
Albert Einstein called compound interest the eighth wonder of the world. When I first learned about the amazing power of compound interest in an extracurricular class I got hooked on personal finance.
I then began a serious study of personal finance, and it’s something I’m still passionate about, more than a decade later. Even if math isn’t your favorite or your best subject, like it wasn’t for me, you can still rock your personal finances. And I’m here to help you do it.
Practical Assignments to Become a Millionaire with $200 a Month
YOUR DEFINITE MAJOR MILLIONAIRE PURPOSE ASSIGNMENT 1.
Decide what you want. Create an exact picture of it. Decide what you are prepared to give up for it. Write an exact description of the person you intend to become. Write out exactly how you want others to see you. Get emotionally involved with it. Set your mind to do it. Get on with the work.
Write out a script of your life’s DEFINITE MAJOR PURPOSE in each area from the “Wheel of Life”, in present tense, 6 months from today, with all the details of exactly how your life looks and feels knowing your Definite Major Purpose.
Calculate When You’ll Be A Millionaire
To figure out when I might be able to become a millionaire I tracked down a millionaire calculator. Millionaire Calculator It allows you to put in how much you’re currently saving, and how long that contribution might take to become a million dollars. Essentially you input your current assets, the amounts you save and a few other pieces of information, and it tells you the number of years it will take to get 7 figures in the bank. FinancialFreedom_blog (pardot.s3.amazonaws.com)
Post a picture of the homework in the group and tag your success advisor.
Once you’re done, email a picture into the MKS group and tag your success advisor and let them know how this experience was. Be a part of an engaged community of tens of thousands of like-minded individuals. Chat with your Success Advisor. Email: mjkkissinger@yahoo.com 100% Secure. We Never Share Your Email.
YOUR DEFINITE MAJOR MILLIONAIRE PURPOSE ASSIGNMENT 2:
Write out what you want. Write your MAJOR DEFINITE MAJOR MILLIONAIRE PURPOSE goal in the present tense, starting with “I am so happy grateful now that …” Then, repeat it to yourself while looking at yourself in the mirror for 5 minutes.
Write out your goal 50 times in the present tense starting with “I am so happy and grateful now that…” Then take a photo and post it in the group and tag your Success Advisor. Chat with your Success Advisor.
Listen to this (1) Calm Guided Meditation to Gain Abundance, Love & Happiness | Bob Proctor – YouTubeOnce you’re done, email a picture of your written goals into the MKS group and tag your success advisor. Let them know how this experience was. Be a part of an engaged community of tens of thousands of like-minded individuals. Chat with your Success Advisor Email: mjkkissinger@yahoo.com 100% Secure. We Never Share Your Email.
BAD MILLIONAIRE HABIT ELINIMATION ASSIGNMENT 3:
Write out the habits that are not serving you in al areas of your life and burn them safely. Then take a picture of your burning ceremony. Once you’re done, email a picture into the MKS Master Key group and tag your success advisor and let them know how this experience was.
Be a part of an engaged community of tens of thousands of like-minded individuals. Chat with your Success Advisor Email: mjkkissinger@yahoo.com 100% Secure. We Never Share Your Email.
MAKE DECISION TO BE A MILLIONAIRE ASSIGNMENT 4:
Make a decision and take action on one decision today that you have been procrastinating on that will help you get to your DEFINITE MAJOR PURPOSE goal.
Read the Decision Article 3 times and post your takeaways with your MKS Master Key Coaching Coach. DECISION ARTICLE PDF: https://bit.ly/Decision-BobProctor Act on one decision today that you have been procrastinating on that will help you reach your goal. Share it with your MKS Master Key Coaching Coach.
Once you’re done, email a picture into the MKS Master Key group and tag your success advisor and let them know what your decision was and how this experience helped you.
How can the [MKS] Master Key System community provide more support to you?
What’s holding you back from success?
What topics do you want to learn more about?
Be a part of an engaged community of tens of thousands of like-minded individuals. Chat with your Success Advisor Reitenbach-Kissinger Institute-MKS Master Key Coaching Systems Phone: 650-515-7545 — Email: mjkkissinger@yahoo.com Web: https://mksmasterkeycoaching.com
ANALYZE, PLAN, IMPLEMENT, MONITOR MILLIONAIRE ASSIGNMENT 5:
[1]: Listen to the Magic Word audio by Earl Nightingale [(4) The Magic Word By Earl Nightingale ( Lead The Field Lesson 1 ) – YouTube] and then post your biggest takeaways in the MKS Group and tag your success advisor.
[2]: Make a decision and take action on one decision today that you have been procrastinating on that will help you get to your goal. Write a description of the person you intend to become. How you want others to see you. Remember: “I am not who I think I am. I am not who you think I am. But I am who I think you think I am.”
[3]: Use the “From What, to What, by When, Why” criteria to write goal statements. This is recommended to ensure you have specifics from which to create an action plan. This criterion indicates the desired future state you want to achieve.
[4]: Once you’re done, email a picture into the MKS group and tag your success advisor and let them know what your decision was and how this experience helped you. Be a part of an engaged community of tens of thousands of like-minded individuals. Chat with your Success Advisor. Email: mjkkissinger@yahoo.com 100% Secure. We Never Share Your Email.
6 Practical Steps to Become a Millionaire
Here are very concrete, practical, simple steps you can take to have the money available that you need (as little as $200 a month!) to become a millionaire.
Step 1. Decide to spend and save intentionally.
In order to become a millionaire, you have to have a little bit of money to invest.
It does not take a ton of money to become a millionaire when you invest regularly over the long term (as you will see below). But you do have to be intentional with your money in order to have some money to invest.
Step 2. Start from a solid foundation.
Before you begin investing, you should have some money set aside for the inevitable financial setbacks that happen in life.
The reasons are pretty simple. If you do not have an emergency fund, when something bad happens (and it really is a matter of when, not just if), then you will have to stop investing to take care of the emergency—or worse yet, you might even feel tempted to pull money from your 401(k) or other retirement or investment accounts to take care of the emergency.
And that is something that you definitely do not want to do! So before you begin investing for retirement, start with a solid foundation. And part of that solid foundation is to have an adequate emergency fund.
Before beginning to invest, you really should have an adequate emergency fund. (That simply means that you have money saved in a separate savings account that is designated for emergencies only.)
Step 3. Create a spending plan.
In order to spend and save intentionally, you have to have a spending plan (aka, a budget).
If you want any money available to save and invest, that means that you cannot spend it all on living expenses. And that is where a budget comes in.
Even though a budget might seem restrictive, once you start doing it, you will actually feel like you got a raise! And that is because you will start finding places in your budget where you can reduce your spending.
Having a spending (and saving and investing) plan really is the only way to win with your money and build wealth over time.
Step 4. Begin looking for ways to reduce your spending.
As you begin to budget, you will find places where you can cut your spending. I will talk in much more detail below about 9 areas where you can reduce your spending in order to find the $200 a month you need to invest to become a millionaire, but here are a few quick ideas to start you thinking about it:
- Think of ways you can cut your grocery spending.
- Reduce the amount you spend eating out.
- Spend less on entertainment.
- Find ways to reduce your transportation costs.
- Slash your utility bill.
- Cut your housing expenses.
Step 5. Find ways to increase your income.
Finding ways to reduce your spending in order to have money to invest is powerful, but finding ways to increase your income is potentially even more powerful!
And the reason is simple: there is only so much that you can do to cut your spending, but your ability to increase your income is nearly limitless!
For example, you could work to get a promotion or a raise.
You could start an awesome side hustle to earn extra money on your own terms. Learn how we make $1,500–$2,000 a month as a newer Amway Independent Business Owner with Network 21.
You could get a second job or work overtime.
Step 6. Start investing as soon as you can.
The sooner you can get your emergency fund in place and begin budgeting and reducing your expenses to have money available to invest, the better.
Why Become a Millionaire?
As I said above, even though a million dollars is definitely not worth what it was 50 years ago, it is definitely enough to provide a comfortable lifestyle in retirement if you spend that money wisely.
And fortunately, because of the many ways that you can make money today, becoming a millionaire has likely never been easier than it is today.
For example, there are many side hustles you can do from home that can give you a great additional income that you could use to invest potentially even more money toward your awesome retirement.
Interested in starting an awesome side hustle that you can do from home to make a great part-time or full-time income doing something that you love and working for yourself on your own schedule? Learn more about how we make money
By having retirement savings of at least $1 million, you can open up a lot of opportuntunities that you otherwise would not have.
With $1 million or more, you can definitely have financial freedom. You will not have to work into your 70s. You will be able to do some travel and give to worthy causes and pursue other hobbies and pastimes.
Depending on the type of lifestyle you want to have and where you choose to live, you may even be able to retire early or semi-retire early if you choose to.
No matter what it is that you are passionate about and what you want to accomplish in life, your path to get there will be easier if you have prepared well financially by setting and working toward those goals.
9 Best Tips to Reach Large Financial Goals
1. Make sure the financial goal is worth reaching. 2. Ensure that the goal is specific and measurable. 3. Make sure that the financial goal is realistic for your circumstances. 4. Determine how soon you want to reach the financial goal. 5. Decide how much money you will need to save each month toward the financial goal. 6. Open up a separate savings account to help you reach the large financial goal. 7. Display a large visual reminder of your financial goal that you can update as you make progress. 8. Celebrate milestones along the way if you need extra encouragement to stay motivated. 9. Periodically reevaluate your financial goals, and make adjustments if needed.
Conclusion
In the same way you would work to reach any other type of goal, reaching your financial goals takes motivation and determination. When making your financial goals, to increase your likelihood of successfully reaching them, make sure that they are SMART goals, meaning that they are:
Specific
Measurable
Attainable
Relevant
Timely
If appropriate, you could also share your financial goals with friend or family, and this might inspire you to be able to achieve your goals even faster than you had planned.
How $200 a Month Becomes $1 Million
It definitely is realistic to become a millionaire by investing just $200 a month! If you graduate from high school or college and begin investing $200 a month by age 25 and work until age 65, and you earn a 10 percent average annual rate of return (very doable over the long-term with good growth stock mutual funds), then you would retire with $1,168,444.
If you are reading this article a little late in the game and you are already 30, you can still easily become a millionaire by retirement! If you saved $200 a month from age 30 to age 67 and earned an 11 percent average annual rate of return, still very doable with good growth stock mutual funds over the long term, you would have $1,126,825!
Don’t want to work till you are 67? No worries! Just up your monthly retirement contribution to $250, assuming you earn an 11 percent average annual rate of return, and you can still retire at at 65 (if you started investing at age 30) with $1,137,492!
And what if you are starting even a little bit later in life than that? You can still become a millionaire with just $200 a month! By saving $200 a month from age 35 to age 69, if you earn a 12 percent average annual rate of return, still realistic over the long term with good growth stock mutual funds, you would have $1,033,592!
And again, if you don’t want to work till age 69 but want to retire at age 65, then up your monthly retirement contribution to $310, and if you earn an average annual rate of return of 12 percent, then you would have $1,0005,488 at retirement! Or if you like to stick with round numbers, if you contributed $300 a month from age 35 to age 65 and earned an average annual rate of return of 12 percent, you would have $973,053!
So don’t give up on the awesome goal to become a millionaire by retirement!
Becoming a millionaire is a great goal to help ensure you reach financial freedom later in life! And if you make those monthly contributions into a Roth 401(k) or Roth IRA, then all of that money will be tax free when you withdraw it too! That means no paying Uncle Sam again in retirement. Woo hoo!
Contact us and request the plan if you want a personally plan to turn $200 a Month Becomes $1 Million,
Sydney Reitenbach
Michael Kissinger
Phone: 650-515-7545
Email: mjkkissinger@yahoo.com
Do You Know What You Are Truly Worth? Are You Paid it? Does it Pay All your Bills? May we also ask, “For $250,000+/- Annually Will You Build a Proven, High Profit, Low Overhead-Low Start Up, Risk Free, Guaranteed, Unlimited Income, Side Business?” If yes, Call Michael 650-515-7545! 