There are 21,951,000 millionaires in the United States, according to the 2021 Global Wealth Report. It’s a pretty safe bet that not all of them were born rich.
In fact, the number of millionaires increased “substantially” between 2020 and 2021, largely due to housing price increases and stock market gains.
Not all these millionaires are showing off their wealth. Some live below — or well below — their means. As they say, rich people didn’t get rich by giving away their money.
And neither should you. If you want to join the 1% club someday, make smarter choices now. Here are a few things self-made millionaires do that you can start doing today.
1. They add $1.7 million to their retirement — and someone else does the work
Managing your own investments takes a lot of time and involves a fair amount of potential risk. But do you really want to be doing it? According to a recent Vanguard study, a self-managed $500,000 investment would turn into $1.69 million after 25 years. But the same amount managed by a qualified financial adviser turns into $3.4 million. That’s $1.7 million more!
If you’ve been considering working with an adviser, a free matching service called SmartAsset will connect you with an adviser who will help you make the right choices for your money. Some financial firms steer you toward investment products that earn them fat commissions. The advisers SmartAsset works with have a fiduciary responsibility to act in the best interests of the clients, rather than their own wallets.
Don’t have a true picture of your financial future? No problem. The adviser can help you make a list of money goals, and then help you create a sustainable financial path toward reaching those goals.
It’s easy to put off thinking about the future — and really dangerous to do so. Compound interest is your friend! The sooner you get started, the more you could earn. And all it takes is about 60 seconds to answer SmartAsset’s adviser match quiz. After you type in an email address, you’ll get a list of fiduciaries who are ready to help you make your dreams come true.
The process only takes a few minutes and costs nothing, and in many cases, you’ll be connected with an expert immediately for a free retirement consultation.
Nothing to lose, lots to potentially gain: Take a minute and check it out right now!
2. They protect their wealth with precious metals
As you may have noticed lately, a single bad day on the Street can send your stocks far, far south; a string of such days can send you into the fetal position, wondering where all your money went. Market corrections are …….