I’m sure you are thinking yeah right! There’s no way to be 100% sure you can be wealthy, surely. There is a way though. It all depends on the knowledge, wisdom and understanding you have and then if you act on it. I’m going to tell you here how to be wealthy, truly a millionaire with 100% surety. Ready?
How would you like to know when you retire at 65 that you’ll be a millionaire so that no matter what happened in life, no matter the mistakes, failures, storms, etc… you would be guaranteed to be a millionaire? Pretty crazy right!? What if I also told you that it would be all tax free, 100% yours? Anyone in their right mind would say YES right? You’d be shocked how many people do not know this basic rule of investing and retirement. Now you are going to learn it and start doing it today!
What’s it’s called? It is a Retirement Plan called a Roth IRA. Anyone can have a Roth IRA if you make under $120,000 a year. There is other ways if you make more than that but I’ll get into that in another article. The trick is to make sure what is in your Roth IRA. A lot of people just go to the bank or to anyone and open a Roth IRA Retirement Account and find out too late that it made 3-5% and had a ton of fees associated with it. You want to be in a Index Fund that follows the S&P (don’t worry if you don’t know what this is, I’ll teach you all this later on). S&P over the last 100+ years has averaged 15%+ return.
Let me break it down like this. If you are 20 years old and you decide to try this and you put in $6,000 per year, $500/mo till you are 65 years old and you average 15% you will have somewhere around $30,000,000 million dollars! WOW right?!?!? You can only contribute up to $6,000 per person so if you are married you both should be doing this and you’d be around $65 million together. So maybe you say, but Zachus, I can’t do $500/month. I’m 20 and it is just too much. I would highly encourage you to do whatever it takes to do it including an extra job, side project, find a business to start (courses coming on this). BUT if you are already maxed out with 2 jobs and school then contribute something! You can’t go back and every year matters. I’ll explain compounding interest in a course in another post, but you can’t go back. If you start when you are 40 let’s say, you still will be a millionaire but guess what happens to that $30+ million? It goes all the way down to $2 million. WOW! Right? Now if you are 40 don’t be discouraged, for one thing, you’ll still be a millionaire, but there are other things I will show you to make up this difference. This article is just about the Roth IRA.
Let’s say you can only do half for 3 years and then start maxing out at 24 or 25, you’ll still end up with around $20 million. I told you, I promise there is a 100% sure fire way to be wealthy. It’s not NOW but it’s a insurance that at some point if all your dreams and hopes and goals don’t work out that you have a nice nice fat bank account to go traveling, buy things, and live a comfortable life.
What are you waiting for? Haha get started today no matter what age you are. You can’t change the past but you can change the today and tomorrow and the future. You can also help your kids, friends, students, whoever is around you learn this and get started. Find an honest Financial Advisor. They will help you get setup and to choose the right Index Fund to put into your Roth IRA. If they want to charge you a lot of fees or start pushing products, leave. You want someone willing to teach you but also not in it for them. They’ll make plenty. Don’t feel sorry for them.
I want to hear from you if you have questions, if you did it and how I can help you! This is so exciting to learn for the first time. I know it was for me and it is crazy amazing to realize you WILL be a millionaire. WILD!!! EXCITING!!
I’m so glad you found us here at SpendPower. Do you know your Spend Power or do you have Spend Power? It’s the ability to spend without guilt, without debt, without worry. That is what we do here. I started SpendPower to help people to become financially free. After studying Finances and Money for almost 20 years now, I knew others were like me that needed hope that there is a way out. I teach what the 1% already know. The foundational ancient money wisdom truths to build real wealth and find how to do what you were called to do and enjoy life.
If you are new to SpendPower grab our free gift. It will give the the 6 Simple Steps to find your Spend Power and Spend with no guilt. The Roth IRA is just a baby step toward a full understanding of wealth for the future and for now. Are you going to start today?