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Also see the salary needed to take home $100,000 in every state.
How Did Ross Save So Much?
I did this by investing the old-fashioned way, he said.
I saved 20% of my salary in Roth IRAs every year, year in and year out.
What Advice Does Ross Have for Others?
Ross advice is similar to that of many other financial experts over the years.
The Ramsey survey also found that 75% of millionaires attributed their financial success to regular and consistent investing.
My main advicefor someone who wants to save on a small salary is to get started, Ross said.
Even if they start at 10% of their salary, invested properly, it will grow.
Over time, you’re able to work this up, but get in the habit of saving.
This figure is common among financial experts as it ensures consistent investment in the future.
Ultimately, its about reducing consumption today to save for your future, Ross said.
That might mean stopping eating out.
It might mean moving to asmaller, less expensive place.
But if your goal is to save for your future, it is all well worthwhile.
I continued saving and increasingmy emergency fund and retirement accounts, Ross said.
Kullberg added, Create the habit by beginning with a low-cost index fund or exchange-traded fund.
As your income changes, you might adjust a portfolio.
Instead, focus on building a diversified portfolio aligned with your risk tolerance and financial goals.
Ross noted that he enjoyed watching the account increase, even though it happened slowly.
He looked forward to every milestone, from $5,000 to $25,000 and up.
Working toward that security helped keep me patient.
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