A paid-off home
In the first quarter of 2024, the total American household debt was $17.69 trillion, rising by $184 billion from the previous quarter according to the Federal Reserve Bank of New York.
The more debt you’re burdened with, the more difficult it will be to pay off your home. Hence, paying off your other debts leads to paying off your home and getting one step closer to reaching a seven-figure net worth.
To make the task of debt repayment easier, consider consolidating your debts with a personal loan through Credible. Credible is an online marketplace of vetted lenders that connects you with the best loan rates near you so you can consolidate your debts and pay them off faster and at a more affordable rate.
If you don’t yet have a home, you can still invest in the housing market and take advantage of its passive income opportunities through platforms like Arrived and DLP Capital.
Through Arrived, you can invest in rental homes and vacation rentals without having to play landlord. Arrived offers a low minimum investment, making it an accessible investing option with a strong potential for collecting quarterly deposits.
REITs are another great way to invest in real estate by leveraging the housing market. They offer the chance to diversify your portfolio and earn passive income without having to pay for a property in full or manage tenants.
DLP Capital gives you easy access to REITs through their crowdfunding platform which features a number of tax-advantaged funds.
To start investing with DLP Capital, all you have to do is answer a few questions about yourself and you can start browsing REIT options to find the right fit for you.
Saving for retirement
Studies show that Americans believe they’ll need to save roughly $1.8 million for retirement. This is a pretty hefty number, so getting started sooner rather than later and ensuring you’re putting your retirement fund in the most effective savings vehicle is important.
Ramsey is a proponent of using tax-advantaged retirement accounts — like IRAs — for building your retirement fund. In fact, in a blog post he proclaimed “invest[ing]15% of your income in tax-advantaged retirement accounts” as the second principle of his investing philosophy. He wrote: “You’ll get the most bang for your buck by using tax-advantaged investment accounts.”
When you open a Gold IRA with American Hartford Gold — an industry leader in precious metals — you can benefit from the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold so your retirement fund has a chance to grow amidst economic uncertainty.
If you feel unsure about the best way to save for your retirement, you can easily connect with a professional through Advisor.com.
Advisor.com is an online service that matches you with vetted financial advisors suited to your unique money goals and needs.
Simply answer a few questions about your financial situation and Advisor.com will match you with a range of qualified experts. You can reach out for a completely free consultation to ensure you find the right fit that will help you devise a plan to reach the net worth milestone of $1 million.
