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Want to Become a Millionaire?


Have you ever dreamed of being a millionaire? Do you know anyone who has made millions of dollars? It may seem like a difficult goal to achieve, but if you save your money and invest it well, anyone can become a millionaire.

 

Follow these important strategies to start making moolah:

* Start now. The sooner you begin saving, the quicker you can make your dreams come true.

* Consistency is the key to building your savings. A good habit is to save at least 10% of everything you earn.

* Don't put all your eggs in one basket. Think long term for your future goals--college, a car, a home--and short term for other expenses.

* Look for a high rate of return. For instance, regular savings accounts pay lower interest than share certificates or certificates of deposit (CDs), but you can access your funds in your savings account anytime. CDs require a minimum balance and restrict withdrawals to certain periods of time in return for higher dividend rates.

* Look for compounding interest, which means your earnings are reinvested. This is the key to building your fortune. The really big changes in your balance will occur in the later years--but only if you start early.


Copyright 2007 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.