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

Posted: Updated:
KHQ.COM - -

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.


 

  • Most Popular StoriesMost Popular StoriesMore>>

  • Thief steals military man’s gift for little brother

    Thief steals military man’s gift for little brother

    Tuesday, April 24 2018 2:09 AM EDT2018-04-24 06:09:15 GMT

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    >>

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    >>
  • Pierce County woman wakes up to stranger in her house rubbing her face

    Pierce County woman wakes up to stranger in her house rubbing her face

    Tuesday, April 24 2018 1:11 AM EDT2018-04-24 05:11:05 GMT

    PIERCE COUNTY, Wash. - A Pierce County woman was terrified over the weekend when she woke up to a stranger in her house rubbing her face. She ran to her neighbor's house and the neighbor contacted the Pierce County Sheriff's Office at around 5:30 a.m. on Sunday. Arriving deputies spoke with the neighbor who called 911. 

    >>

    PIERCE COUNTY, Wash. - A Pierce County woman was terrified over the weekend when she woke up to a stranger in her house rubbing her face. She ran to her neighbor's house and the neighbor contacted the Pierce County Sheriff's Office at around 5:30 a.m. on Sunday. Arriving deputies spoke with the neighbor who called 911. 

    >>
  • Texas man sentenced to 50 years for $1.2M theft of fajitas

    Texas man sentenced to 50 years for $1.2M theft of fajitas

    Monday, April 23 2018 9:17 PM EDT2018-04-24 01:17:54 GMT

    BROWNESVILLE, Texas (AP) - A Texas man has been sentenced to 50 years in prison for stealing $1.2 million worth of fajitas over nine years.    Fifty-three-year-old Gilberto Escamilla was sentenced Friday after pleading guilty to theft by a public servant. The Brownsville Herald reports he told the court the fajita scheme spun out of control.

    >>

    BROWNESVILLE, Texas (AP) - A Texas man has been sentenced to 50 years in prison for stealing $1.2 million worth of fajitas over nine years.    Fifty-three-year-old Gilberto Escamilla was sentenced Friday after pleading guilty to theft by a public servant. The Brownsville Herald reports he told the court the fajita scheme spun out of control.

    >>
HD DOPPLER 6i
/
  • Top Stories from KHQHomeMore>>

  • Florida photojournalist finds kidnapped 8-month-old baby

    Florida photojournalist finds kidnapped 8-month-old baby

    Tuesday, April 24 2018 7:44 AM EDT2018-04-24 11:44:37 GMT

    KHQ.COM - A photojournalist in Florida found an eight-month-old baby boy who was kidnapped during a carjacking. WFLA's Michael Egger found the infant in a condo parking lot Monday while working on an unrelated story with a reporter. The baby was alone in his car seat with a bottle tucked underneath his arm. The reporter called 9-1-1, and police showed up 30-seconds later.

    >>

    KHQ.COM - A photojournalist in Florida found an eight-month-old baby boy who was kidnapped during a carjacking. WFLA's Michael Egger found the infant in a condo parking lot Monday while working on an unrelated story with a reporter. The baby was alone in his car seat with a bottle tucked underneath his arm. The reporter called 9-1-1, and police showed up 30-seconds later.

    >>
  • Thief steals military man’s gift for little brother

    Thief steals military man’s gift for little brother

    Tuesday, April 24 2018 2:09 AM EDT2018-04-24 06:09:15 GMT

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    >>

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    >>
  • Mad Minute stories from Monday, April 23rd

    Mad Minute stories from Monday, April 23rd

    Tuesday, April 24 2018 2:04 AM EDT2018-04-24 06:04:34 GMT

    Here are the extended versions of the KHQ Local News 11 at 11 Mad Minute stories from Monday, April 23rd.

    >>

    Here are the extended versions of the KHQ Local News 11 at 11 Mad Minute stories from Monday, April 23rd.

    >>