How to make your first million in five steps (no, you don’t need to own real estate.) Lesley-Anne Scorgie with a guide:
I’ve been a financial coach, author and educator for 16 years, and hands down this is one of the most-asked questions I get. So, without further ado, here’s the step-by-step answer to unlocking your first million without having to own real estate, buy and sell businesses, or participate in any get-rich-quick schemes.Never underestimate the power of vision and focus.
Let’s say you have 30 years to invest and have $10,000 saved. If you earn a six per cent rate of return, you would need to fund your accounts to the tune of about $935 per month to be a millionaire by retirement. If you have 20 years and the same scenario, it’s more like $2,100 per month. The less time you have, the more you have to save monthly, which is why starting to invest early is always best.
The way to do this is to first determine the kind of investor you are through risk assessment. Then, select investments that are aligned to your risk profile. A professional investment adviser, financial planner, robo-adviser or money coach should be able to assist you with this and provide specific advice regarding how much to put toward your tax-advantaged accounts. If you have limited to no experience with investing, don’t DIY the investment selection process.
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