Have you ever wondered if you could retire a millionaire? For many people, having a million dollar portfolio is a lifelong dream. However, it is a dream that can become a reality with effort and discipline. While there are no guarantees or sure things in life, the 10 steps below will help you achieve your goal of becoming a millionaire by the time you retire.

1. Set a Realistic Goal

Although we all set out with good intentions and do not plan to fail, many do fail simply because they have not created a realistic plan to achieve his or her goals. Nobody plans to fail, but plenty of people fail to plan. Take the necessary time to plan your goals and make sure they are realistic and attainable. (Note: If you need help developing a comprehensive plan, you can click here to find a financial adviser who can help and give you a free financial analysis.)

Saving is a very important part of reaching your financial goals. If you dont save, there is a high likelihood that you will fail and never reach your goal. Although this seems common sense, many people never ever start to save. For example, if your employer offers a 401(k) plan, take advantage and enroll in the plan. A 401(k) is a great way to automatically start saving towards your future retirement nest egg. With a 401(k) your contributions will be automatically taken out of your paycheck pre-tax, which will increase your savings and decrease your tax liability.

Also, your employer may offer to match your contributions up to a certain percentage. If this is the case, be sure to contribute enough money to get the full match.

3. Be Aggressive in Your Investment Selections

Investing in stocks involves a little more risk, but also offers the potential for greater rewards in terms of overall returns. For many, investing in stocks or mutual funds is a risk we have to take if want to see our wealth grow. Reviewing your asset allocation strategies with a financial adviser can help you learn how to make picking the right mix of securities the core of your investing strategy. Click here to get your free consultation with a financial adviser.

5. Save More, Spend Less

6. Keep an Eye on Your Spending

Automobiles, kids, home improvement, vacations all of lifes other expenses can take a huge chunk out of your paycheck. To maximize your savings, you obviously need to minimize your spending. Buying a home you can afford and living below your means are requirements if you want to increase your savings.

8. Max Out Your Options

Take advantage of every savings opportunity that is available to you. Make the maximum contribution to tax deferred savings plans such as a 401(k), Roth IRA, or traditional IRA. Look at all opportunities to save that come your way.

***Get a Free review of your existing portfolio and financial plan with a financial adviser near you.

9. Catch-Up Contributions Are a Must

When you reach age 50 and are closer to retirement, you are eligible to increase your contributions to tax-deferred savings plans. Make sure that you take advantage of this opportunity. You must take advantage of any and all catch up contribution prior to retirement.

10. Have Patience

Get-rich-quick schemes are usually just that schemes. The power of compounding takes time, so invest early, invest often and accept that the road to riches is often long and slow. With that in mind, the sooner you get started, the better your odds of achieving your goals.

The Reality Of Retirement

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