4 Ways to Grow $100,000 into $1 Million for Retirement Savings
As the old saying goes, your first million is the hardest. Once you've got a decent chunk of money, compounding does much of the hard work to help your nest egg grow. That's what makes a $100,000 account value a great milestone along your journey to wealth. It's large enough that compounding can actually add significant amounts to your balance, while being small enough to potentially reach it fairly early in your career.
With that in mind, these four ways to grow $100,000 into $1 million for your retirement savings can help you get through that time period where compounding really starts to do the hard work on your behalf. With one or more of them at your disposal, you can give yourself a better shot of reaching millionaire status by the time you're ready to retire.
Image source: Getty Images.
Source Fool.com
