Even skimping together a few percentage points may seem insurmountable. Everyone has their budget and can save a little more. I can almost guarantee it. The way I hit over 50% savings was simple. Most jobs have an annual raise whether it’s for COLA (Cost of living increase) or contract raise or step raises, bonuses, whatever. Most people’s income goes up slowly over time no exception. So for me I knew that my salary would go up between 5-10% a year for a min of 5 years. Every Time I was given any kind of pa
As of 2021 the maximums for IRA’s (Traditional or Roth) is $6000 per year or $500 a month. With compound interest and maxing this account out you can have hundreds of thousands if not millions by the time you reach retirement age. If you combined this with the 2021 maximum of $19500 for 401k/457 type plans you’re talking a total of $25500 a year. After ten years you’ll have well over a quarter million without any compound interest! With even modest returns you’re talking close to a half a million at the end
The journey of 1,000 miles started with a single step