A Roth IRA is another retirement vehicle, but it is funded differently. Whereas the 401k is pretax and taxed later during the withdrawal phase, the Roth IRA is post-taxed. This means you are unable to use it for tax purposes.
Today we are going to discuss five steps that will put you on the right track to becoming a Millionaire.
Start Paying Yourself
We spend a ton of effort paying bills and buying toys. However, how much effort do we spend paying ourselves? There is no way we can become a Millionaire if we can’t pay ourselves.
How much should we be paying ourselves? We need to be paying at least 15%-20%, if not more, of every check. This will allow us to build a decent nest egg over the course of a few years.