Wed May 22 2024, by Tyler Gardner

Essential Tips for Stay-at-Home Moms to Build Wealth and Become Millionaires

If you're a stay-at-home mom and want to become a millionaire before your leave for work partner, you need to do the following three things right now.

1. Open Up a Traditional or a Roth IRA

This will take you five to 10 minutes. It won't cost you anything to open. You never have to use it if you don't want to. With the traditional, you get the tax break now because you're able to deduct your contribution. With the Roth, you get the tax break later because you're able to have tax-free growth for life.

2. Automate Contributions

Automate contributions of 50 to 100 bucks a week to that account. Now I hear you, but where does a stay-at-home mom get 50 to 100 bucks a week to put into that account? Well, you could either:

• Learn to live on less by removing alcohol, tobacco, newly leased cars, designer clothing, or one streaming service.
• Find a way to make an additional 50 to 100 bucks a week.

If you don't think that you have some marketable skill or talent somewhere that is worth 50 to 100 bucks a week, then give me a call and we'll brainstorm.

3. Invest Your Contributions

Remember, once it's in those accounts, you still have to invest that money. We'll never tell you what to invest in because I do not know you. However, you would be wise to listen to Jack Bogle, the founder and former CEO of Vanguard, who suggests that you think about a three-stock portfolio:

• A US stock market fund
• An international stock market fund
• A total bond market fund

These options are low cost and highly diversified. You've invested in just about the entire world, and you're on the path to financial freedom.

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