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And if you start early enough, even small automated transfers can add up fast.
Heres everything you better know aboutbuilding up a $1 million in investmentsfrom nothing with automated transfers.
How To Set Up Automated Transfers
This is the easiest part of the process.
Most financial institutions will make it easy for you to set up automated transfers online.
Simply choose the amount and frequency of your transfers, and the bank will do the rest.
However, you should aim for at least 10% to 20% of your income.
If thats too big of a chunk to swallow right away, dont be afraid to start small.
For example, lets say you feel you could only begin saving 4% of your income every month.
If you earn $4,000, thats $160 per month.
That means starting just 10 years earlier can translate to a $400,000 boost to your nest egg.
But as the above example shows, compound interest can do miraculous things.
But themost important factorin reaching a seven-figure nest egg is consistency of contributions.
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