Year one is your first year out so be careful with your expectations. You’ll probably want to earn about $50,000.00 over your living expenses. Don’t invest it in an IRA because you want to have access to it, at least over the next five years. It’s an important part of the plan.
You can’t stay at the $50,000.00 level and expect to succeed. But let’s be reasonable. You can’t go from $50,000.00 in savings to a million dollars overnight. Push your earnings this year so that you can put away an extra $90,000.00. Maybe put it in a CD or something but make sure it matures just before the end of the plan.
You pass the halfway point this year but, unfortunately, you’re not quite halfway to your first million. Save about $100,000.00 this year and that should make you awfully proud. You’re already at $240,000.00 big ones!
Now you’re cooking. You have experience on your side now so it shouldn’t be hard to make the jump to saving an extra $265,000.00 which gives you a whopping $505,000.00! And, don’t forget the extra you’ve been earning on your shrewd investments.
Well, this is it. If you’ve followed my plan up until now it shouldn’t be very hard to add another $495,000.00 to your savings. When you do…just add it up. $1,000,000.00 in five short years! I think that it’s safe to say you’ll be set for the rest of your life, and an easy life at that. Smartly invested it’s not impossible for your million to return as much as 27% after taxes. That’s $270,000 a year for the rest of your life. That should take the edge off. Take that to some third world nation where you can grab help for nickels and dimes (less than a dollar a day with no benefits). I envy you as you spend your years living like a king!!
And, remember, the only reason I’m sharing this amazing secret is because I really care.