6. Use Your Nest Egg For Investing
The whole idea behind building up a nest egg is to invest the savings instead of continuing to save your whole life. To be precise, you’ll need to ‘save and invest’ and ‘invest and save’ simultaneously to stay competitive in the long-term. But in the short-term, you want to save to invest and eventually become a millionaire. Therefore, you should put away your savings in secured accounts.
Once you have deposited your savings in accounts, do not think of withdrawing from them. Just know those accounts are inaccessible for a prescribed period. You’ll be compelled to look for avenues to increase your income on your way to millionaire status.
Contrary to popular belief, investing is not as challenging or intimidating as it is made out to be. You can start by making contributions to your 401(b) or 401 (k) account offered by your employer. After that, you can consider opening a Roth IRA or an individual retirement account depending on your income or earnings.