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What to do in every decade to retire with $1 million - Business Insider

Business Insider
Planning Within Reach
the Washington Post
Adam Financial Associates
Roth IRA
Affluent Market Institute

Butera said."These
ESI Money
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Merrill Lynch
Social Security

Alicia Butera
William D. Danko
Mari Adam
Getty Images
Sarah Stanley Fallaw
Mike Coppola
John of
Ariel Skelley
Butera said."I


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Becoming a millionaire doesn't have to involve a big paycheck.Instead, some people become millionaires by growing their income and saving and investing it, budgeting to live on less than they earn, and planning for the long term.Business Insider asked two certified financial planners (CFPs) how to get there, decade by decade.If you want to be a millionaire upon retiring at age 65, they explained, the key is taking advantage of time. It's up to you to keep up — or increase — the savings pattern you started in your 20s.This means avoiding lifestyle creep, the tendency to spend more as you earn more.Sarah Stanley Fallaw, author of the book "The Next Millionaire Next Door: Enduring Strategies for Building Wealth" and the director of research for the Affluent Market Institute, found that most of the 600 millionaires she studied lived below their means to achieve their seven-figure status.If you're buying a house, you'll want to make smart mortgage choices and avoid becoming "house poor," Adam said. Giving up your savings and not saving for yourself in your 50s can be a huge deterrent."According to a Merrill Lynch report released in 2018, 79% of 2,500 American parents surveyed continued to provide financial support to their adult children, and 72% said they put their children's interests ahead of their own need to save for retirement.Teaching children money skills is a huge way to become financially independent yourself in the future, Butera said.Adam added that at this point, you should not be doling any more handouts to kids and should refrain from going overboard on college costs or loans.She also emphasized the importance of finding out where you stand for retirement — now is the time to make last minute adjustments.

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