If You Can: How Millennials Can Get Rich Slowly eBook : Bernstein, William J: Amazon co.uk: Books

Compounding means you earn interest on your interest by reinvesting your interest or capital gains. An easy-to-read overview of the topics covered in his earlier book, The Investor’s Manifesto. But if you’re looking for an introduction to investing in low-cost index funds and the importance of developing a financial strategy at an early age, this is a good starting place. Also, start saving early and invest your money to allow for compounding, while good spending habits and managing your debt can help you control unnecessary purchases.

Contents

k), 403(b), and Other Employer-Sponsored Retirement Plans

That’s because you know you’ll need a substantial amount of money when you no longer work, all of the investment options available, and the knowledge and experience it takes to invest successfully. In one survey, only 24% of Americans said they’re very confident that they will be able to live comfortably in retirement. Making more money is easier said than done, but if you don’t earn enough to save 15% of your income, it will be challenging to become a millionaire.

The combination of tax advantages and easy payroll deductibility make these the best retirement savings vehicles available to workers. Better yet, many employers match a portion of the employee’s contribution, which is invaluable to jump-starting your account’s earnings potential. Saving and investing your money can help you make a million dollars. By investing, you use the power of compounding by earning interest on your interest to build wealth. Saving money early in your working career means more interest can accumulate.

Book Overview

We tend to extrapolate the recent past indefinitely into the future…Both long bear and bull markets also seem to take on a life of their own. Using your mobile phone camera, scan the code below and download the Kindle app. The major difference between the two IRAs is when the taxes are due on the income deposited. Lifestyle inflation is a common consequence of career advancement. You spend more money just because you have more money to spend.

People with a retirement plan at work may also open individual retirement accounts (IRAs) and save even more. For example, if your employer matches contributions of up to 6% of your salary in your 401(k) plan, you need to save only 9%. However, with the power of compounding interest, your nest egg would be worth much more. Assuming a 7% return, with monthly compounding, it would total more than $1.32 million. You would be a millionaire by age 57 just by saving $500 a month.

Example of Retirement Account Growth

Using your mobile phone camera – scan the code below and download the Kindle app.

How much wealth you accumulate depends on how much you save and how well your investments do. At younger ages, you have the time to take more risk with your investments and seek out choices that have the potential to provide a higher return. Joe takes full advantage of the employer match and defers 5%, or $2,500, of his salary each year. Of course, in real life, he’d probably get raises over the years, but for the purposes of this example, we’ll assume his salary will remain the same over the decades.

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Also, aim to save 15% of your income, cut out unnecessary spending, upgrade your skills, get a second job, and hire a financial professional to create a financial plan for your goals. The personal savings rate is the percentage of income left over after people spend money and pay taxes. That rate for Americans on average was 4.9% in April 2025, according to the U.S. Create a savings plan, which reviews your monthly debts, income, and financial goals. Next, automate your savings by setting up a direct deposit for a small amount from your paycheck to a savings account.

If you contribute $6,000 to an individual retirement account (IRA) every year ($500 a month) for 40 years, your total investment would be $240,000. Enjoy features only possible in digital – start reading right away, carry your library with you, adjust the font, create shareable notes and highlights, and more. He was the 2017 recipient of the CFA Institute’s James Vertin Award for financial research. Customer Reviews, including Product Star Ratings, help customers to learn more about the product and decide whether it is the right product for them.

Notes

Customers appreciate the clarity of the book, with one noting it is written in laymen terms and another describing it as a brilliant short booklet. For 2025, the employer contribution limit for a SEP IRA is $70,000 or up to 25% of the employee’s compensation. You can save up to $16,500 of deferred salary in a SIMPLE IRA in 2025. The percentage of people who say they’re “very confident” that they’re doing a good job of preparing for retirement, according to the 2025 Retirement Confidence Survey.

If you start early and save regularly, you can make a million dollars or more by contributing to your retirement savings accounts. To take full advantage of your savings opportunity, try to contribute the maximum limit. In addition to a workplace retirement plan such as a 401(k) or one of the alternatives, retirement savers can open an IRA, which stands for individual retirement account. IRAs are only tied to the individual and have nothing to do with their employer. An advisor can help you choose investments, create a budget, and make plans to reach your goals.

Building wealth to become a millionaire can appear unattainable for if you can how millennials can get rich slowly many people. The six steps to making a million dollars include finding extra income through starting a side hustle online, a second job, or investing in yourself by learning new skills. The optimal strategy for most young people is thus to first max out their 401(k) match, then contribute the maximum to a Roth IRA, then save in a taxable account on top of that. Customers find the book’s investment advice valuable, with one mentioning how it addresses psychological aspects of investing and provides peace of mind for future planning.

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