If you earn $30,000 per year for 40 years (ages 25 – 65) that adds up to $1,200,000.
If you earn $50,000 per year for those same 40 years that adds up to $2,000,000.
What if you (or your spouse) have gone out there and earned a professional degree and earn a whopping $100,000 per year. That adds up to $4,000,000!!!
I think you’re catching on. Take a moment to take your current income and figure out how many more working years you probably have until retirement and determine what your total earnings will be by the time you retire at age 65 or 70 or 55 or whatever. You can also rejoice in the fact that most people’s income increases over time. So, what you earn today may look pretty small 10+ years from now. How lovely!
Of course, some of your income never ever enters your checking account because the federal and state governments take their share before you ever see your check stub, but (so far) the majority of your earnings do come to you. That is still a lot of money over your lifetime. Feel free to use your net income to do these calculations. You’ll still be amazed.
So, where will these millions of dollars have gone by the time you retire? Will you have spent half of it on pizza? Or car payments? Or your cable bill? How much of this fortune will you spend on things you won’t be able to remember, or how much of it will you invest during your lifetime to make yourself wealthy (at least $1,000,000 in investments) in retirement?
It isn’t hard. You can retire a millionaire – on any income. As long as you don’t spend all your money!
This is the goal of this new blog: how to live so that you retire wealthy – no matter what you earn. If you can learn to not SPEND IT ALL, and SAVE WHAT YOU DON’T SPEND, you can retire as a millionaire.
Stay tuned with us as we lay out the strategies that normal, wealthy people follow to live on less than they earn so that they can accumulate substantial wealth. Since women tend to spend more money in a household (groceries, bills, clothing, children’s expenses) we chose our title. A wife, who understands how to keep the household expenses within reason can move a family toward wealth like no one else.
We are a mother and 2 married daughter team -- normal as can be – who are learning to be frugal in new ways to increase the net worth of our individuals families. We read a lot and have our radars out for key strategies. We’re here to inspire you to move your family toward financial prosperity.
Here we go!