Monday, March 12, 2007

Making a million as an employee

Are you happy with what you make? When do you think you will have a net worth of 1 million dollars? I started putting away money in my 401(k) when I was 24, after paying off about 10k in debt (went a little overboard with my spending when I started my job). Kiplinger.com has 12 steps to becoming a millionaire as an employee.


Get a raise
1. Keep your eyes peeled for better ways to do your job.
2. Don't be afraid to negotiate.
3. Get your ducks in a row and your numbers on paper.
4. Plot your strategy when it's time to move on.
Milk your benefits
5. Contribute as much as you can to your 401(k) and other tax-deferred retirement plans.
6. Flex your tax-saving muscle.
7. Review your tax withholding.
8. Stash savings in a Roth IRA, if you're eligible.
Invest like crazy
9. Don't delay.
10. Invest automatically
11. Watch for fund fees
12. Keep it simple.


Read the details here.

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