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According to him, with the right strategies,even average-income earners can reach the million-dollar milestone.
Becoming a millionaire isnt just about your income its about your circumstances, too.
Hall emphasized that thepath to millionaire statusisnt one-size-fits-all.
Its heavily influenced by your geographic location, lifestyle choices and family situation.
A dollar stretches much further in rural areas compared to major metropolitan cities, he noted.
Similarly, the financial responsibilities of raising children can significantly impact your ability to save and invest.
However, Hall pointed out that these factors shouldnt be seen as insurmountable obstacles.
Instead, theyre variables to be accounted for in yourfinancial planning.
The key is to work with what you have and optimize your financial strategies accordingly, he said.
So, how do average-income earners reach millionaire status by 40?
Hall broke it down into thefollowing key strategies:
1.
Maximize Your Employer Plan
The first step?
Take full advantage of your employersretirementplan.
Whether its a401(k), Simple IRA, or SEP IRA, Hall said theadviceis clear.
This strategy is about more than just saving, he explained, its about maximizing free money.
Many employers offer matching contributions, which is essentially free money added to yourretirementsavings.
But dont stop at the match.
Push yourself to contribute the maximum allowed by law each year, Hall encouraged.
Its a win-win situation that forms the foundation of your millionaire strategy.
Know Your Worth
The second strategy, according to Hall, involves ensuring youre paid what youre worth.
check that youre paid your value now, Hall emphasized.
But you should probably be always asking for raises doing your best work.
But also interviewing and looking for other positions.
Thisadvicegoes beyond simply asking for a raise, Hall explained.
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