I know it all depends on the market but there are a few things working in my favor.
1. I save 15% of each paycheck and have it automatically deposited into my 401K
2. I usually get an annual raise of 2-3% and each year I contribute more
3. I will soon have a much higher paying job and be able to put at least 15% in
4. I am currently invested in 95% stocks 5% bonds and equities
5. I am in a targeted retirement fund which will change allocations to be more conservative closer to the time I retire
I do have a few things working against me as well:
1. My employer cut out the 4% matching
2. I want to convert my 401K into a Roth IRA so I don't have to pay taxes on money I take out later.
3. I have a growing family with more mouths to feed and more expenses
How will I accomplish my goal of saving 1 million by 50? Easy. Persistence, patience, automated savings, increase earnings, and smart investing. I am very interested in creating streams of passive income (meaning working hard to create something that produces income on a continual basis). Examples of current passive income streams: money from this blog (already made over $1,500, dividends from stock - currently reinvesting, and royalties from intellectual property such as books and songs).
Currently I have been working on a research project about survey sites. I have already made over $50 in the last month and am ranking the best sites. I will share with you where to go to make some money and which sites to steer clear of. I will release the rankings in a detailed post that I am working on. Subscribe to the feed below if you are interest in learning ways to make money and save money. My team is currently working on "How to Make a Million Dollars" BETA Make Money, Save Money - Retire in style tm. This reorganization will make the information more useful and easier to navigate. Stay tuned...