Be Consistent
Consistency is the key to success. “Becoming a millionaire is less about how much you make and more about consistency,” said Deacon Hayes, founder of WellKeptWallet.com and author of the forthcoming book, “You Can Retire Early!”
Whatever your plan is, stick with it. “One way to ensure that you actually invest consistently is by setting up an automatic transfer from your bank to your investing account,” he said. “This way, you can stick to your investing strategy without much thought required each month.”
If you have access to a workplace retirement plan such as a 401(k), contributions can be taken out of your pay automatically. Just make sure your monthly contributions are enough to help you reach your savings goal. “You need to be contributing a minimum of 10% of pay,” Scott said.
If your employer doesn’t provide a workplace retirement plan, you can make monthly contributions to an individual retirement account, such as a Roth IRA or a solo 401(k). “Make (the) commitment to pay yourself first then work your lifestyle around what’s left,” Scott said.
