One of the keys to being able to easily reach the million-dollar mark is to adopt a practice that allows you to save and invest. At first, the thought of investing and acquiring the discipline needed to try to save money may cause most people to balk and waver from making the most out of their earnings. However, by incorporating some simple financial saving strategies and investing wisely, you can start a sure clear path to funding for your future goals.
According to Tom Corley — who conducted a study entitled “Rich Habits” that interviewed and followed the daily rituals of both wealthy and poor people — he found that when started early, following a “savers-investors” strategy can be the easiest way to accumulate major net worth. This process can be easily embraced with a little financial know-how and sticktoitiveness. By simply cutting down on needless expenses and limiting your daily cost of living, you could set aside some extra money to put toward savings and investing.
He noted that just shy of 22% of the wealthy people he interviewed made their first million with this type of strategy, and did so by the time they reached their mid-30s, according to CNBC. By tucking away 20% of your earnings into a high-interest savings account and pairing that with an investment portfolio that’ll make you money without burning you on extra fees, this can have you reaching your first million-dollar finishing line sooner than you may have thought possible.