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You are here: Home / Simple IRA / How to Go From Broke to $1 Million in Only 20 Years | Personal Finance

How to Go From Broke to $1 Million in Only 20 Years | Personal Finance

June 7, 2021 by Retirement

Sure, there’s the whole “building equity” thing. That’s nice. Real estate also tends to increase in value over time. Even if its price growth isn’t consistent, home prices increase in value at a pace of about 4% per year.

That’s not the only or the biggest upside of home ownership, however. A largely overlooked nuance of a mortgage payment is that while home values, prices, and incomes rise during the life of that mortgage, the payment on a fixed mortgage stays the same throughout the lifetime of the loan. Resisting the urge to upgrade your home — and pumping up your monthly payment as a result — can prove to be its own kind of windfall. This alone could eventually produce the aforementioned extra $1,500 per month to sock away in the stock market.

Start a side hustle you love

Finally, there’s a lot to be said for starting a side hustle. Generating an extra $1,500 with it every month is certainly possible.

Side hustles can just be second jobs. But I think starting an actual business has greater upside.

However, to be successful, I think a side hustle business has to meet three conditions. First, it’s got to be something you love doing. Second, it’s also got to be a legitimate business; merely finding people to do your hobby with you isn’t a recipe for success. And third, it’s got to be a business that’s simple and cheap to run, and scalable with no extra cost or time.

Filed Under: Simple IRA

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