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© 2007 KnowWare
International, Inc. DBA LifeStar
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Jay Arthur
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A Proven Method For Becoming A Millionaire!
For every $100 you earn...
STEP 1: Invest like you're going to live forever:
 
Pretax: 401k, IRA, Keogh
After tax: Roth IRA, taxable
Consider quality mutual funds instead of banks. Over time, the stock market
outperforms banks.
If you are in your 20s, save $10 out of every $100,
If you are in your 30s, save $20 out of every $100, because you have less
time for it to grow
If you are in your 40s, save $30 out of every $100,
If you can't start with $10, start with $5, $2, or $1, but get started.
Everytime you get a raise, increase the amount you invest by some portion
of the raise.
STEP 2: Pay off debt
Higher Interest First! Pay an extra $10 out of every $100 you earn
Credit cards, Then car, Then house
An extra $100/month will shave 15 years off a 30 year mortgage and save $100,000
in interest.
STEP 3: Live off what is left ($80)
Pay monthly bills and expenses Electric, gas, food, etc.
THEN, spend like you are going to die tomorrow.
Otherwise, there will always be more month left at the end of your money.
STEP 4: Be patient.
Depending on how much you invest and the return you get, you'll be a millionaire
in 10-20 years. You'll be a decade or two older, but you'll be wealthy. Get
going!
STEP 5: Fund Your Children's Future
Children have the most precious commodity in this equation: time, but not much
money. If you fund their IRA with just $6,000 by age 20, they will be millionaires
at age 65. If they have an income of $2,000 per year, then fund a Roth IRA.
There is no tax on withdrawls from a Roth IRA. So the money grows and grows
and your kids will never pay a cent in taxes on the money (unless Congress changes
the laws again.) This is a sweet deal. You pay tax on $6,000 and they pay nothing
on the millions they take out later.
Books to read:
The Richest Man In Babylon
The Wealthy Barber
The Millionaire Next Door
© 2007 KnowWare International Inc. (888) 468-1537
knowwareman@qimacros.com
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