Steps to Getting to Your First Million Dollars.

1. Save early. The sooner you start, no matter how small, the better.

2. Make it automatic. Save with each paycheck or each week or every month. Make it routine.

3. If you have a 401(k), always invest at least up to the company match. It’s an automatic 100% rate of return.

4. Use raises to increase your 401(k) contribution. If you make $60,000 per year for 35 years and earn 7%, the difference between 3% and 10% contributions is $367,000 vs $1.2 million. Most American millionaires are ‘401(k) millionaires.’

5. Consider investing in a Roth IRA. Grows tax free, comes out tax free.

6. Pay down highest interest rate debt first. This usually means credit cards. It’s a weight on your back. Get it off your back as quick as you can. Credit card companies that charge double digit rates in this environment are evil. Don’t become enslaved to them.

7. Use mental accounting tricks. Invest your tax refunds, invest money gifted to you and invest bonuses.

8. Buy a reasonable house and stay there. Switching homes comes with surprisingly high expenses: sale commissions, property taxes, new furniture and on and on.

9. Invest in stocks over bonds, over CDs and over cash. Stocks are far more likely to double your wealth every 6-12 years.

10. Try to live a healthy lifestyle (I write this as I eat a cookie for breakfast). You’ll spend far less on health care.

11. Write down your goals and have a plan! YOU CAN DO THIS!!!