Sat Feb 15 2025, by 0fficialsocialcap
Three Essential Financial Moves for Achieving Millionaire Status by Your 50s
If you're in your 20s, here are the only 3 financial moves you need to make to be a millionaire by your 50s. I'm Tyler, a former financial advisor and portfolio manager, now creating free financial content to help you save money.
1. Invest in the S&P 500
Invest at least $500 a month in the S&P 500. Historically, the market returns between 7% and 10%. If you start investing at 25 and do this consistently, you'll have over a million bucks by the time you're 55.
2. Avoid Financing Unnecessary Expenses
Don't finance dumb stuff like car loans, credit card debt, or buy-now-pay-later traps. For example, that $600 a month car payment could cost you $1.4 million by 55. It turns out that car was more expensive than it seemed.
3. Save a Portion of Your Raises
When you get a raise at work, put 50% of that raise immediately into your investments. By doing this, instead of just $1.1 million or $1.4 million, you're looking at well over $2 million by 55. This way, you can buy yourself whatever car you want with the interest from your investments alone.
If any of this is helpful, like and follow my content, and I'll keep trying to get you one step closer to financial stability!
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