Do you know the number one secret on how to become a millionaire?
Hello, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com.
The number one secret on how to become a millionaire
is to practice “paying yourself first”.
That means, you pay yourself first by automatically funding a retirement account
and transferring money in your savings account.
That way, before you even have access to your accounts, you already took steps in securing your financial future.
This is a perfect segue to discuss retirement plans.So for 2016, you can contribute $18,000 to your 401(k), plus another $6,000, if your 50 years old or older.
Taking full advantage of allowable contributions and any employer matching is still a good idea. Since contributions you make to your retirement plan reduce your taxable income and also help you build your retirement portfolio.
If you like to learn more, click the link lowermytaxnow.com and sign-in to receive my weekly blog.
Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com