The #1 Way to Become A Millionaire
A coworker ask me about life insurance and it reminded me of Dave Ramsey and his 7 baby steps
After explaining it to her I thought I should share with you the #1 way that people become millionaires in America.
Before I start my explanation you should know these things:
It's simple but difficult.
It takes a long time
It's retirement money… not for toys
Should also know that this is baby step 4/7 which means there are 3 steps that you should complete before you even start this step.
Quick Recap
Step 1: Get on a written budget and save to $1000
Step 2: Pay off all your debt from smallest to largest (Everything but the house)
Step 3: Save 3-6 months of your monthly expenses
Step 4: Invest 15% of your household for retirement in retirement
Step 4 is the number 1 way people become financially wealthy in America. Regardless of the next statement you're gonna want to learn how to invest on your own but one option you have is to use one of Ramsey’s Smartvestor pros to invest for you. You're going to want to invest in good growth stock mutual funds that have been doing well for the past 20 years.
This is spread across 4 types
Growth and income
Aggressive growth
International
A regular growth fund
So what are you going to do with this information? Did you learn anything new? What are your thoughts? Let me know!!!!
