Tag Archive: Savings

How to Become a Millionaire

This post will walk through the ridiculously simple math behind becoming a millionaire. Let me start off by saying that a million dollars isn’t what it used to be (sorry no yachts or private jets). However, having a million dollars is the bank still puts you in elite status when it comes to retirement savings. Savings Stats The median retirement age American (65-74), has $126,000 saved for retirement. The average retirement age American is doing better, but they still only have $358,000 saved. So having a million dollars in the bank would give you 8x the amount the median has saved and almost 3x the amount the average has saved. From a cash flow standpoint, a million dollars can generate $40,000 per year using the…
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Time Now or Time Later

Recently I have been struggling with what I call the “Time Now or Time Later” paradox. I find that the Time Now or Time Later paradox is applicable to most people who are using a W2 job to pursue Financial Independence. This especially holds true for those that work in Manufacturing like I do. However, I have also heard similar experiences from friends in Sales, Healthcare and Finance roles as well. TIME NOW The Time Now portion of the paradox is based on the fact that higher paying/higher level jobs typically require more work hours per week. This is true both as you put in extra effort in the beginning to excel and gain promotions, and when you reach the higher level jobs with more…
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