3 Reasons You Won't Retire a Millionaire -- and How to Fix Them
Many people have the goal of retiring with plenty of wealth -- enough to sustain them throughout their senior years and allow them to fulfill their lifelong objectives. But if you're not careful, you could end up thwarting your plans to kick off retirement as a millionaire.
Here are three reasons you may not manage to grow your savings to $1 million -- and what you can do about them.
The more money you spend on costly debt payments, the less you'll have left over to sock away for retirement. Mortgage debt is generally considered the healthy type to take on since it allows you to eventually own an asset that can appreciate in value over time and even serve as a source of retirement income. Credit card debt is the opposite -- it's an expense that can cost you tons of money via interest charges that you don't get anything out of at the end of the day.
Source Fool.com
