A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Thursday, August 18, 2005

Building Wealth Doesn't Get Any Simpler Than This

I'm a fan of Scott Burns. When he writes, I read it. Anyway, I noticed that he had an article on the Money Central website today. In that article he talks about how a person (a young person) can become a millionaire if they:

  • Work four summers, starting at age 16

  • Save the income in a Roth IRA account

  • Invest it in a simple, low-cost equity portfolio

  • Simmer slowly for 47 years

  • Serve ungarnished (and untaxed) at age 67

He then goes on to explain how it can be done. Good information! This is the kind of stuff I like. I think we tend to spend too much time talking about what can't be done instead of focusing on WHAT WE CAN DO NOW!

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