Posted by Maneesh Sethi :: February 21, 2008 @ 6:50 amWhat's the financial dream of most people? I bet, for many, the answer is to be a millionaire. Having a million dollars is a serious goal, but it isn't impossible. What does it take? The willingness and ability to invest consistently, and the knowledge of what you need to do.
If you're looking for a rule of thumb, check out this great article from Kiplinger.com. The article offers good starting points, depending on your age, for how much you need to invest monthly to reach your goal. The numbers are based on investments at 8% interest. If you are 25 with no savings, for example, you would need to save $286 per month to reach one million by age 65.
The article also provides strategies for each age group to help meet your goals, including recommendations for 401(k) funding and asset allocation, plus other advice regarding emergency funds, credit card usage, etc.
The most important thing is to start early and stay the course to achieve your financial goals. Invest often, and try p2p lending on Lending Club, where the average lending portfolio exceeds 12%.
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