es, you can become a expenses and investing that money
millionaire without winning for 30 years, you will net close
a lottery. It is possible to a quarter million dollars at
to become a millionaire by an average 10% rate of return. If
cutting your small expenses and you are an one-pack-a-day smoker,
getting into the habit of saving you are just throwing away a
regularly. It is not only what quarter million dollars by
you make but also what you spend smoking for 30 years.
that determines if you would be a
millionaire or not when you Have you ever heard of the "Latte
retire. We all want to make big Factor"? It is the money you
bucks as quickly as possible and spend on small items everyday
retire early, but that is not that add up to a considerable
always possible unless you win a chunk at the end of the year.
lottery. However, with a long Invested wisely, that money will
term saving strategy most people grow to your wildest imagination.
can become a millionaire by the You do not have to give up your
time they retire. favorite coffee and spend your
days miserably. Just cut down on
Can you believe that 70% your everyday small item
Americans are living from purchases by at least 50%.
paycheck to paycheck? You may
think that those small items, Start an expense book and, for
like coffee or candy, that you one month, write down every penny
spend money on everyday are not you spend everyday. At the end of
worth your considerations when it the month, add up the money you
comes to realizing big money in spent on small items like coffee,
your bank accounts. You will be candy snacks, muffins, power
surprised to know that by cutting drinks, power bars, etc. Now,
$100 every month from your here is what you need to do.
Budget your coming month's small
item expenses at half the level If you are short on cash, get a
you spent in the previous month. newspaper delivery route. It will
At the start of the month, take provide you a nice chunk of money
50% of the money you plan to at the end of each month. Start a
spend on small items and stash it website on your favorite topic,
in a newly created savings for example a discussion forum
account. Do it for one year and for paper delivery persons. You
at the end of the year, take the can generate a small income from
money out from the savings advertisements on your website.
account and buy some index fund Research selling opportunities in
using a discount online broker e-bay to generate small incomes
like http://ameritrade.com. every month.
Besides savings on small items, If you pay your credit card
you should also have a monthly purchases over several months,
retirement account, for example a you are making the credit card
401K account if your employer is company rich. Settle the entire
offering one. It will save you amount of your credit card
big on taxes till you retire and balance when the payment is due
start withdrawing money from it. to avoid exorbitant interest
If your employer is matching your rates charged by credit card
401K contributions up to a companies. If you are not able to
certain percentages, it will be pay the entire balance at the end
like throwing away money if you of the month, do not purchase on
are not taking advantage of that credit. Wait for your purchases
match. Put two to three thousands till you save enough money.
dollars in a Roth IRA because Except your house and cars, avoid
returns from a Roth IRA is tax all debts.
free.
There are plenty of opportunities in saving, investing, and earning
to amass wealth and become a extra money.
millionaire when you retire. Use
the Internet to educate yourself
About the Author:
Dr. Deepak Dutta is the creator of http://www.semanticbay.com - an interactive social network website based on user shared text and picture contents on any topics. His other website http://www.classifiedsforfree.com - is one of the oldest online classifieds site where users can post ads in more than 600 US cities and 60 countries.
Read more articles by:
Deepak Dutta
Article Source: www.iSnare.com 
