50 habits to make your first million

How to make the 2-comma club OK, so maybe $1 million isn’t as cool as



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If you’re just starting out in the workforce, “keep living like a student,” Jeff White, a financial analyst with FitSmallBusiness.com, says. Which means, yes, try to set aside almost half of your income. Saving is important, but you’ll also want to …



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We’re talking IRAs and 401(k) plans. These funds are essential for a stable retirement. But the tax penalties associated with early withdrawals should dissuade you from tapping that money for non-emergencies. In other words, “you don’t feel the temptation of diving into those accounts just to go to Disney World,” White says.



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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


Because it’s an investment. Plus, depending on where you live and how much of a down payment you can put down, a monthly mortgage payment could be more affordable than the one you’re making to a landlord. If you must lease …



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That’s the general rule of thumb when it comes to the cost of housing, but, if you’re trying to hit a mil, you’ll need to aim higher. Or lower, in this case. Think 20% to 25%.



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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


“No matter what happens,” he said.



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That way “you don’t dive into your savings or investment accounts if something unexpected happens, which it will with kids,” White says.



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Sure, you want to buy a new TV or Escalade, but you’ll reach a $1 million much faster if save that money for later.



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If you can’t save more, make more. And, thanks to the gig economy, there are plenty of ways to bring in a little extra income on your nights and weekends.



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Who knows? Your side hustle could turn into a full-time gig. Or maybe you’ve got an innovative idea venture capitalists will love. That might sound real pie in the sky, but consider this stat, courtesy of The Cato Institute: Roughly one-third of first-generation millionaires are entrepreneurs or managers of nonfinancial businesses.



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Dirty word, we know, but, per Forbes, top influencers can take home about $187,000 per Facebook post and $150,000 per Instagram.



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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


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So long as you deliver on a certain goal, of course.



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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


The higher your income, the more complex your finances will be. (Case in points: all those tax breaks we just mentioned.) And, at a certain point, it’s a good idea to bring in the professional – a certified financial planner or certified public account — to help you manage your money.



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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


51/51 SLIDES

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