Self-made millionaire shares what to do every day to get rich - Spokane, North Idaho News & Weather KHQ.com

Self-made millionaire shares what to do every day to get rich

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A self-made millionaire is sharing his formula for getting rich. Financial expert, David Bach, says if you want to be rich you need to pay yourself first. But how much should you pay yourself? Bach advises that you save the equivalent to one hour's worth of income every single day. If you are paid a salary, figure out what your hourly rate is and try to save that much for every single day you go to work.

Bach says if you're not saving that much, you are working too much for someone else and not enough for yourself.

If you prefer to think in percentages, Bach says one hours worth of income for a 5 day work week comes out to saving about 10% of your gross income every year.

Bach says the amount of money you're saving every month will tell you a lot about the kind of future you will have.

If you want to be...

Dead Broke: Don't pay yourself first, spend more than you make, and borrow money you can't pay off.

Middle Class: Save 5% to 10% of your pretax income in a tax-advantaged retirement account.

Rich: Save 15% to 20% of your pretax income in a tax-advantaged retirement account.

Rich Enough to Retire: Save 20% or more of your pretax income in a tax-advantaged retirement account.


 

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