Personal finance expert breaks down the No. 1 rule on the road to becoming a millionaire | FOX Business
The Millionaire Mindset: How to Secure Your Financial Future
Want to be a millionaire? According to personal finance expert Rachel Cruze, it’s not about winning the lottery or striking it rich overnight—it’s about discipline, patience, and a solid game plan. In a recent interview on Mornings with Maria, Cruze emphasized the power of investing early and consistently in workplace retirement plans like a 401(k). If your company offers a match, taking full advantage is like getting free money for your future. Adding a Roth IRA to the mix means saving with tax advantages and setting yourself up for long-term financial success.
One of the biggest mistakes younger people make, Cruze points out, is viewing retirement as something too distant to worry about now. With student loans, rent, and daily expenses stacking up, setting aside money for a far-off future can feel like tossing cash into a black hole. But that’s the wrong mindset, she warns. The key to wealth-building isn’t just making money—it’s making smart decisions with the money you already have. That means getting out of debt, establishing an emergency fund, and committing to saving at least 15% of your income for retirement.
Beyond just saving, Cruze highlights another critical rule: consistency is king. Many investors panic when the stock market dips and pull their money out, only to miss out on future gains when the market rebounds. Sticking to your plan, even when things look uncertain, is how true wealth is built. With so many retirement options available, taking the time to understand your benefits and speaking with HR can put you on a smooth path to financial independence………
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Rising Dough
If millions can be made simply by investing consistently and not touching your money, why do so many people still struggle to save for retirement? How do financial literacy and behavioral economics shape how consumers handle their money?
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