STEP FOUR:
Invest 15% of Household Income Into Retirement
Now it's time to get serious
about retirement. With no payments and a full emergency fund, put 15% toward
the retirement of your dreams. Between your 401(k), Roth IRA, and Traditional
IRA, you have a lot of options. Find the fit that is right for you. The money
you were using to attack debt can now help build your future.
This step is all about building
long-term wealth. Take 15% of your gross household income and invest it first
into matching company 401(k) plans and then Roth IRAs. If your company doesn't
offer a retirement plan or match your contributions, then go straight to the
Roth. Spread the money across four types of mutual funds: growth, aggressive
growth, growth and income, and international. Even a couple hundred dollars a
month invested now can make you a multi-millionaire.
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