Would you be willing to make greater financial sacrifices if it could lead to greater wealth?
That’s the question posed in a recent article
magazine’s Chris Matyszczyk. He had been reading the book The Automatic Millionaire
by financial expert and best-selling author David Bach.
In his book, Bach describes a couple that was able to retire comfortably in their early 50s, having received only a modest income throughout their careers. He learned of the strategy that allowed them to do this: they paid themselves first. Matyszczyk describes how this worked:
His first step was put a little money away, then address the bills. He and his wife didn't find it easy at first. But they disciplined themselves to not miss the money they never saw.
Bach says he followed this advice. He started by just putting aside 1 percent of his income. He then graduated to putting a little more away, until he got to 20 percent.
Would you be disciplined enough to take this approach? Do you have a retirement savings vehicle to put your money into? Set up a free one-on-one consultation with a Senior Account Executive to explore your options.