When to Start Working on Money Making Opportunities and Become Millionaire?

There are basically two methods we can work our way towards millionaire. First is to pursuit of money making opportunities online, creates multiple source of income to gather a million dollars. Second is to save money every month to accumulate a million dollars right before retire. Either way, it’s going to need discipline, dedication and planning to reach the goal of becoming a millionaire. As I’m always discussing about money making opportunities online, there should be enough information and material in this blog to get starting. All you need to do is check out the previous post in this blog. If you’re choosing the simple old fashion way of getting a million dollars by saving, check out the blog post title “Start With $10,000 and Retire a Millionaire” from Yahoo Finance.

When we are planning to save $1 million dollars by the age of 65, there are two questions which we need to answer. The first question is when we should start saving and second is how much money we need to save each month. The blog post above gives examples of situations and amount of money need to save when you started at the age of 25 years, 35 years, 45 years and 55 years old. At the age of 25, the amount of money need to save per month is $320, $775 per month at 35 years old, $1850 per month at 45 years old and $5700 per month at 55 years old. Just by looking at the numbers, it shouldn’t be difficult to spare the amount of money and put it into the bank. Unfortunately, there are too much temptation and needs required other than just food when we are young. Things like insurance, house, car, education, family, children, tax and many other things will require money. Honestly, I think it’s kind of difficult to maintain a balance so that there is extra money for savings. Not to mention there are always some unexpected issue which requires money like accident, illness and natural disasters.

P/S: I think it doesn’t have to be a million dollars to begin with. We can start saving as much as we can while looking for other investment and money making opportunities. Let’s just be flexible with our abilities and capabilities and try to get the first 10 thousand dollars first. Once the target is achieved, sets a higher goal. It will be a lot easier if we do things one step at a time.

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