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When you withdraw that money in retirement, however, it will be taxed at your regular income tax rate, which is currently as high as 37% for the wealthiest taxpayers. You can earn tax benefits by contributing to a 401k or similar plan because contributions come out of your paycheck before taxes - lowering your taxable income - and the money grows tax-deferred. Rawpixel / Getty Images Choose the Right Retirement Savings Account
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You also should shop around for accounts and investment firms with low fees, which can help you keep more of the money you worked hard to save.
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If they seem high, the SEC recommends asking whether the costs can be reduced. If you invest $100,000 over 20 years and pay a 1% annual fee, your portfolio value will be about $30,000 less than if you had paid a 0.25% annual fee, according to the Securities and Exchange Commission's Office of Investor Education and Advocacy.Ĭheck your account statement to see what fees you're paying. "The more you're paying in mutual fund fees or transaction fees means less money in your pocket."Įven small fees can have a big impact. Yet those fees can eat away at your returns, Schulte said. For example, more than half of workers don't know they're paying fees on their workplace retirement savings accounts, according to a study by the National Association of Retirement Plan Participants. The rich also pay attention to investment fees - something many others overlook. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better." * Chicago Tribune * Read more.Piyato / Know What You're Paying in Investment Fees Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. "The main lesson provided is that high income does not equal wealth," said J.R. Bernie Sanders The authors mine reams of data to show the surprisingly frugal traits millionaires have in common.
#SECRETS OF THE MILLIONAIRE NEXT DOOR FULL#
We celebrate it, write movies about it, and our libraries are full of books about it. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren.
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The fact is, we have created such a great country over 250 years. It talks about how it is a myth that most millionaires in America have inherited their money. News and World Report * I love the book, The Millionaire Next Door. * Cox News Service * Debunks the image of the rich as high-living spendthrifts. * The Dispatch (Lexington, NC), (Nc) Dispatch * These, for the wise, are tips for all of us.A very readable book. * Business Week * A fascinating examination of the affluent in American society. * The Boston Globe * An interesting sociological work. * USA Today * A primer for amassing wealth through frugality. * The Washington Post * A nerve has been hit. You can do it too!" - Rush Limbaugh Remarkable book. * Forbes * The kind of information that could lift the economic prospects of individuals more than any government policy.The Millionaire Next Door has a theme that I think rings very true."Hey, I can do it. The implication of The Millionaire Next Door.is that nearly anybody with a steady job can amass a tidy fortune.