Millionaire in 7 years | Top 5 things I did / Investing / Early Retirement

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Millionaire in 7 years | Top 5 things I did / Investing / Early Retirement 1. Saving take home pay You must save as much take home pay as possible. If you do not save, how can you grow your money? Saving in a 401k although I support this, it is not enough. It is best to have multiple buckets that you can draw from when you retire. 401k's are not accessible before a certain age unless you convert to a Roth IRA, hold for 5 years and then withdraw. Converting to a Roth should be done at a lower "earned" income level if possible. You need to save 60-70% if possible of your take home pay. If you are in a lower paying job (like most Americans), save as much as possible but look at reducing your expenses. Two income families can benefit by sharing common expenses which should make saving take home pay much easier. 2. Invest Investing is crucial to financial independence. If you do not invest, your money will lose value over time due to inflation. You may as well throw your money down the toilet. Bank accounts only pay less than a fraction of a percent. You need to invest into stocks, real-estate, or other sound investments. If you are looking for a place to get started, I suggest index funds like VTI and VOO. 3. Live frugal or minimalistic (within your means) If you are living pay check to pay check, you seriously need to reduce your expenses and/or debt. If you make a million dollars but spend a million dollars, you would be unable to save and invest. Reducing the things around your house and reducing unnecessary expenses will help free your mind and soul. 4. Delay gratification Delaying gratification is important as wants for most people outweigh their ability to afford those items. Put off as long as possible that BMW that you had your eye on. Drive your vehicle an extra 5+ years. Once you work so hard to save up the money by investing and having passive income from your investments, you will likely not want that new BMW any more. 5. Last but not least, Invest in yourself You are your biggest asset. You have the means necessary to achieve whatever you desire. If you want to become ultra successful and rich, you can do that. It takes hard work, dedication, and determination, however, in this country IT IS POSSIBLE. Just believe in yourself. Get an advanced degree or certifications in your area of expertise. Read books, watch Youtube videos. Surround yourself around successful people, watch and learn.