What’s the minimum amount that I can invest to become a millionaire? It’s a question that Doug Andrew hears on occasion from subscribers to his 3 Dimensional Wealth YouTube channel. The answer, as Doug explains in this week’s episode, could be a surprisingly small amount–around $500 per month.
Now obviously there are other critical factors that play into this. They include the amount of time you have to let it accumulate, the amount you put in and the rate of return. Doug also points out that folks who are serious about becoming multimillionaires should really be thinking about the highest amount they can put away rather than the minimum.
You have to be willing to do the math. As Doug explains, the vehicle in which you save this money will make a world of difference too. Will it accumulate in a taxed-as-earned, tax-deferred or tax-free account? The right vehicle, combined with compound interest, can make amazing things happen.
HERE’S A SNEAK PREVIEW OF WHAT DOUG SHARES IN THIS WEEK’S BROADCAST:
- Why is the taxability of your long term savings so essential to your financial future? Learn the astounding difference between tax-advantaged saving and everything else.
- How does saving in an IRA or 401(k) set you up for a future loss of nearly 1/3 of every dime you’ve saved? As Doug explains, Uncle Sam is waiting for you to start accessing your money so he can get his cut.
- What is the risk of outliving your retirement nest egg? Doug lays out the danger of tax-deferred savings as well as how to protect that nest egg with tax-free accumulation.
- Is there a difference between planning for retirement and the planning you’ll need at retirement? Learn why you must choose your investments accordingly to maximize what they’ll be producing when you’re retired.
- What is indexing and why should it be a part of your financial strategy? Doug shares how to benefit from those times the market grows without losing money when the market contracts.
- How can you know that your savings are protected from higher taxes, rising inflation and ongoing market volatility? Doug describes his preferred savings vehicle and why it’s a better way.
- And much, much more…
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