Want to Be a Millionaire by 50? Here's How Your 401(k) Can Get You There
The most common path to millionaire status doesn't involve a brilliant business idea or a lucky draw from the lottery. It involves disciplined saving and investing over time -- which, admittedly, is far less interesting than launching a hot new app or buying a $2 ticket that's suddenly worth millions. But boring as it may be, a structured savings plan produces more predictable results than any other moneymaking scheme. Even better, if you have a 401(k), you already have the tools you need to become a millionaire by age 50.
Your first order of business is setting up your 401(k) with an appropriate contribution rate. The usual advice is to save 10% to 15% of your salary for retirement. But since you're on an expedited timeline to reach seven figures by age 50, you'll need to save more than that.
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Source Fool.com
