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  • Dave Ramsey told podcaster Theo Von about the ‘secret sauce’ for those who want to join the millionaires club. Here’s how to do it — even if you don’t have a six-figure income

    Dave Ramsey told podcaster Theo Von about the ‘secret sauce’ for those who want to join the millionaires club. Here’s how to do it — even if you don’t have a six-figure income

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Dave Ramsey has shared some sage advice for Americans striving for entry into the millionaire club: stick to your plan and be process-oriented to grow your nest egg.

    Speaking with Theo Von on the This Past Weekend podcast, Ramsey noted that, per a a national survey from his firm Ramsey Solutions, the millionaires studied were most likely to be in the following professions: Engineering, accountancy, teaching, management, and law.

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    Ramsey said that at first, his researchers couldn’t figure out what these professionals had in common. But they soon realized “they are process people.”

    “They learn the rules,” Ramsey said. “That’s the way [their] brains work. They do process, and that’s the secret sauce.”

    He also noted that 33% of the survey respondents made less than $100,000 per year.

    “They are not earning their way into it,” Ramsey told Von.

    This is heartening news for Americans at every income level who want to build long-term wealth. Here are some key takeaways from Dave Ramsey and his study for those who want to join the millionaire’s club.

    Busting a million-dollar myth

    The Ramsey Solutions survey busted the myth that, in order to be a millionaire, you need a big six-figure income or to come from a rich family where you’re set to inherit a pile of cash. Instead, most of the millionaires surveyed got rich through consistent investing, avoiding debt like the plague and smart spending.

    Retirement accounts and real estate

    The two main items that helped these people hit the million-dollar mark: investing in their company’s 401(k) plan and buying a house and paying it off. Not every employer offers a 401(k) plan, but there are alternatives out there that can offer similar tax advantages.

    For instance, if you opt for a gold IRA you can benefit from the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold.

    Typically, gold is more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years.

    These days, you don’t even have to go to a bullion shop to buy precious metals. Plenty of online platforms offer a wide selection of gold and silver bars and coins and fair pricing.

    An example is Priority Gold, an industry leader offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

    To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

    To Ramsey’s second point: paying off, or even buying, a home is more difficult for many Americans right now. While the real estate market can be prohibitive for first-time buyers due to still-cooling mortgage rates and rising home prices, there are still options for would-be real estate investors.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Diversification and risk

    Smart investors also look for ways to diversify and spread their risk with their investments.

    In the Ramsey Solutions study, the researchers wrote, “They didn’t risk their money on single-stock investments or “an opportunity they couldn’t pass up.” In fact, no millionaire in the study said single-stock investing was a big factor in their financial success.”

    Instead, prudent and diversified investments are the name of the game for the millionaires surveyed.

    The team of former hedge fund analysts and experts at Moby spend hundreds of hours each week sifting through financial news and data to provide top-tier stock and crypto reports to keep you up-to-date on what’s moving the markets — so you have access to extensive research, broken down into simple, easy-to-understand formats.

    The platform has already helped over five million users uncover stocks before they deliver multibagger returns.

    Moby’s success speaks for itself. The platform’s stock picks have outperformed the S&P 500 index by an average of 11.95% over the past four years. And that’s on top of the S&P’s already consistent annualized returns — about 10% a year, on average, since the index’s 1957 inception.

    Learn from the best and get advice you trust

    When asked by Von if he felt that the American Dream was dead, Ramsey noted that nine out of 10 of the millionaires they surveyed did not inherit their wealth, but instead earned it.

    “That’s good news for everybody,” he said. “We’ve all got a shot.” To shoot your shot at millionaire status, you may need financial advice catered to your specific financial goals.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.cumstances.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Seniors are feeling insecure about Social Security — what’s fueling retirees’ fears and what they can do to protect their finances in times of uncertainty

    Seniors are feeling insecure about Social Security — what’s fueling retirees’ fears and what they can do to protect their finances in times of uncertainty

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Retirees are anxious about the future of Social Security as they navigate DOGE cuts, extreme market volatility and high levels of policy uncertainty. Even some House Republicans are concerned — breaking ranks to warn President Donald Trump of the potential consequences of further cuts.

    Rep. Nicole Malliotakis and 14 of her Republican colleagues sent a letter to the new Commissioner of Social Security, voicing worries over “inadequate customer service provided by the Social Security Administration (SSA).” The average wait time for phone calls in 2025 has jumped over 40%, to a staggering 86 minutes.

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    And seniors are just as concerned: An Associated Press poll showed 30% of respondents aged 60 and over aren’t confident about the availability of Social Security benefits when they need them.

    “It’s a worry that I’m sure everybody is having right now,” Kathie Sherrill, a 74-year-old retiree, told the Detroit Free Press on March 26.

    Retiree fears fueled on several fronts

    Insecurity around Social Security isn’t necessarily new. After all, the program’s trust funds may only be able to fully support retirement benefits until 2035 before they are reduced, according to the SSA’s 2024 trustees report.

    Politicians have mused over the years how Social Security should be reformed. But the Trump administration is simultaneously seeking to make cuts within the SSA, while implementing policies that experts say risk fueling inflation, potentially slowing the global economy. Some experts believe President Donald Trump’s proposals may speed up Social Security’s insolvency. Given that SSA data shows people over 65 derive about 31% of their income from Social Security, these factors are unsurprisingly fueling retirees’ fears.

    In the meantime, Sherrill and her friends are cutting back on life’s little luxuries, such as eating out and entertainment.

    “That wasn’t my plan, but that’s what I’ve been doing,” she said.

    What you can do to prepare for disruption

    If your benefits are disrupted, you don’t need to be caught off guard. There are measures you can take to reduce your reliance on Social Security benefits, and bolster your retirement savings without relying on government policies.

    Cut back where possible

    Unfortunately, for many, a cut in benefits requires rethinking what your retirement is going to look like. You may need to downsize your lifestyle, or in extreme cases return to work. Another option is tackling rising insurance premiums by shopping around.

    OfficialCarInsurance.com makes comparing multiple insurance companies easier than ever. They’ll ask you some quick questions then sort through leading insurance companies in your area, ensuring you find the lowest rate possible. The process is 100% free and won’t affect your credit score.

    Similarly, OfficialHomeInsurance.com can help you get great rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers, for free, to find the best deal in your area. The process can be done entirely online.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Boost your retirement savings

    To start, you want to make sure you have a cash cushion for any potential emergencies. One way to build cash quickly is with a high-yield savings account.

    With the Wealthfront Cash Account, you can get a 4.00% APY — that’s 10 times the national average. Plus, you have full access to your money at all times, and free transfers to both internal Wealthfront investing accounts and external accounts.

    Even better, if you contribute $500 you can get a $30 bonus with Wealthfront Cash.

    For other high-return accounts, check out the Moneywise list of the Best High-Yield Savings Accounts of 2025 to bulk up your nest egg.

    If you need income now, you could consider a reverse mortgage, which lets you tap into your home equity to supplement your income, pay off debt or fund renovations. You can choose to borrow funds as a lump sum or fixed monthly payment, and then spend it however you please.

    You can also check out the Moneywise list of industry-leading reverse-mortgage companies. Compare offers instantly to get started.

    If a high-yield savings account is too much, too fast you could instead start small by automatically squirreling away a little each month.

    With Acorns, purchases made on your credit or debit card are rounded up to the nearest dollar and put into a smart investment portfolio. That $4.25 coffee? It’s now a 75 cent investment in your future.

    Even better, Acorns gives new members a $20 bonus investment on sign-up.

    Adjust your retirement plan

    If your head is spinning with financial possibilities it might be a good idea to sit down with an advisor to adjust your retirement plans.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Here are 5 big things that disappear after you retire in America — are you ready to lose them all?

    Here are 5 big things that disappear after you retire in America — are you ready to lose them all?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Retirement is supposed to be the reward after decades of hard work. Morning alarms, office politics and exhausting commutes … gone. The idea of finally having full control of your time is appealing, and for many, it feels like the finish line after a long race.

    But while you may gain freedom, you’ll also lose more than you think. Some losses, like a steady paycheck, are obvious. Others, like a sense of purpose, sneak up on you.

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    Without a plan — or a big enough nest egg — they can leave you feeling unprepared for what comes next.

    Here are five things that tend to disappear in retirement — and what you can do now to make sure they don’t take you by surprise.

    1. The financial safety of your paycheck

    The most immediate and undeniable change in retirement is the disappearance of a steady paycheck.

    For decades, your income arrived like clockwork. In its place are managed withdrawals from retirement accounts, Social Security and any other income sources you’ve set up along the way.

    Over 80% of older adults face financial struggles or risk economic insecurity in retirement, according to the National Council on Aging. Inflation worsens this by eroding fixed incomes.

    A solid withdrawal strategy, like the safe withdrawal rate (now 3.7%), helps balance spending and preservation. Diversifying income with annuities, rental income, or part-time work, moreover, can reduce financial stress, and help to delay Social Security until age 70, maximizing benefits.

    A Home Equity Line of Credit (HELOC) can also offer an extra source of liquidity and financial flexibility at this time. With home values higher than ever, you can make your home work harder for you by leveraging its equity.

    The average homeowner sits on roughly $315,000 in equity as of the third quarter of 2024, according to CoreLogic. Year over year, homeowner equity is also up by 8%, for a national aggregate of $17.6 trillion.

    With a HELOC loan, you can turn all that equity into tax-free cash, which can be used to pay off high-interest loans. Rates on a home equity loan are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock the lowest possible rates in minutes by shopping around with LendingTree. You can compare real loan rates offered by different lenders using their side-by-side comparison tool.

    2. Your risk tolerance

    When you’re working, taking risks with your investments doesn’t feel as scary. If the stock market dips, you know you’ll keep contributing to your 401(k) or IRA, and there’s time to recover.

    But retirement changes the stakes. Market downturns impact your portfolio and how much you can safely withdraw each year.

    Market volatility can feel scary, especially when it threatens your retirement income. You’ll need the guidance of a professional financial advisor to navigate through it and help you stay calm.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    3. Your frivolous spending habits

    Many retirees ramp up travel, dining out and hobbies, leading to what financial planners call the “retirement honeymoon” phase.

    While this initial surge in spending may feel like well-earned freedom, tracking expenses and adjusting for different phases of retirement can help ensure financial stability throughout the decades.

    However, budgeting like this can be challenging, especially in retirement, when you’re managing multiple accounts and tracking daily expenses at the same time. Monarch Money’s expense tracking system simplifies the process.

    The platform seamlessly connects all your accounts in one place, giving you a clear view of your overspending. It also helps you monitor your expenses and payments in real time.

    Whether you’re looking to save or simply control frivolous spending, Monarch Money offers the tools to help you succeed. And for a limited time, you can get 50% off your first year with the code MONARCHVIP.

    Even in retirement, you still want your money to keep growing. Make the most of these extra working years by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that while you’re still earning an income, every transaction — from your morning coffee to grocery shopping — contributes to building your retirement nest egg.

    Plus, with an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

    4. Your employer-sponsored benefits

    Losing a paycheck is tough, but losing employer-sponsored benefits, especially health insurance, can be an even bigger shock. If you retire before 65, you’ll be without coverage until Medicare starts, and even then, gaps in coverage can lead to unexpected expenses.

    Having a reliable, affordable insurance policy in place helps protect your retirement nest egg from being depleted by extended medical care expenses, such as in-home care, assisted living facilities, or nursing home care, providing an extra layer of financial security when you need it most.

    Long-term care insurance offers coverage for the costs of in-home assistance, nursing homes or assisted living facilities.

    Without proper planning, paying for long-term care could deplete your retirement fund. In many cases, the burden of paying for care often falls on family members – potentially straining their finances.

    When considering long-term care insurance, GoldenCare offers different options based on your needs, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living, and traditional long-term care insurance.

    5. Your perceived sense of purpose

    Work isn’t just about earning money — it provides routine, social interaction, and a sense of accomplishment. A study from the National Library of Medicine has linked a lack of purpose in retirement to increased health risks, including depression, cognitive decline, and even verbal memory function.

    The best way to avoid this emotional downturn is to plan beyond just your finances. Volunteering, pursuing passion projects or even taking on part-time work can help fill the void.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 66 years old, retired, and I own a comfortable house in Fort Worth. I have $143,000 in cash that I’d like to invest for my retirement — what should I do with it?

    I’m 66 years old, retired, and I own a comfortable house in Fort Worth. I have $143,000 in cash that I’d like to invest for my retirement — what should I do with it?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    A comfortable home and a healthy nest egg are crucial for ensuring financial security in retirement. With $143,000 in cash, it’s important to avoid letting it sit idle, as inflation and missed opportunities could erode its value.

    But what should you do with that money? As a retiree, you must be cautious with your investments. However, being too conservative could also hinder growth, as $143K isn’t a ton of money. Fortunately, if you already own a home, you at least know you’ve got an asset to fall back on if needed.

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    Here are some things to consider before you invest that cash.

    Is it a good time to start investing?

    The U.S. is undergoing a shift in leadership, disrupting the status quo with significant policy changes. At the same time, rising international tensions have increased the risk of global conflict. As such, the stock market may be more volatile than ever in the coming years.

    With global conflict and political change increasing market uncertainty, investing can feel risky. But avoiding investments altogether carries its own risk—your money could lose value over time.

    A balanced approach is key: mix higher-return equities with safer assets like bonds. A common guideline is subtracting your age from 110 to determine your equity allocation. For example, at 66, you might invest 44% in stocks and 56% in bonds.

    This strategy helps protect your portfolio during downturns, especially if you hold some cash. For retirees, minimizing losses and reducing market exposure is essential to preserving income.

    If you’re looking for other options to fund your retirement and preserve your wealth, you should consider investing directly in gold.

    Historically, gold has served as a hedge against inflation and market volatility. Many investors turn to “safe haven” assets like gold during economic and geopolitical instability to preserve their wealth.

    Current market conditions have helped propel the price of gold to record levels with the precious metal recently hitting $3,500 as of April 2025.

    There are lots of gold assets to choose from, including gold bars, coins and gold stocks.

    But right now, opening a gold IRA could be particularly practical as part of your long-term strategy. You can combine the tax advantages of an IRA account with the recession-resistant nature of gold, with the help of companies like Thor Metals.

    A gold IRA lets you diversify with a time-tested asset known for holding — and often gaining — value when markets are down. Unlike stocks or bonds, gold isn’t tied to any government or economy, making it a powerful hedge against inflation, currency drops and global instability.

    To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals with qualifying purchases.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How best to invest the money

    Once you’ve figured out your ideal asset allocation, the next step is deciding what to invest in. A solid starting point for domestic equities is an ETF that tracks the S&P 500. These funds offer broad exposure to 500 of the largest U.S. companies, historically averaging around 10% annual returns. They’re low-cost, not actively managed, and provide instant diversification.

    To invest in ETFs, you could start with a smaller amount and work up from there. One way that might help is by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings, or investing in ETFs.

    As you continue your investment journey, make sure you have a financial cushion. Setting aside a few months of living expenses in a high-yield savings account, helps to grow your wealth and ensures quick access to cash.

    Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%. Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

    You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

    A certificate of deposit (CD) is another helpful way of growing your savings. A CD is a low-risk savings account that offers a fixed interest rate for a specified period. It’s possible to earn over ten times the average 0.41% return you’d get from a standard savings account.

    With SavingsAccounts.com, you can shop and compare top certificates of deposit rates from various banks nationwide.

    Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon, so you can find the right CD to meet your investment goals.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • My mom passed away and I was shocked to learn she left me 10 times as much money as I expected in her will. It’s a nice problem to have, but I’m a little lost on how to handle all this cash

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    In the next 20 years, Americans will inherit an estimated $72 trillion as boomers pass down their accumulated wealth to younger generations in a phenomenon dubbed the Great Wealth Transfer.

    That means there will be a lot of people like you who are surprised — even if pleasantly so — to be inheriting money and unsure about how best to manage it.

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    This problem stems from a lack of communication around estate planning. A 2024 Edward Jones report found that more than one in three Americans have no plans to talk about their estate with their families, even though 48% plan to leave an inheritance.

    You were unprepared for this windfall, but it’s good to be thoughtful about how you’re going to manage the money going forward so you don’t waste this opportunity to improve your life now and in the future.

    Here are some options to explore.

    Invest in your retirement

    If you’ve inherited a large sum of money, one thing you could do is to put it into an investment portfolio that’s earmarked for retirement.

    A 2024 CNBC survey found that 40% of Americans are behind on retirement planning and savings, while 21% of current retirees have no savings at all to live on.

    You don’t want to rely on Social Security in retirement, because those benefits only replace 40% of your paycheck if you’re an average earner. Plus there’s a possibility of Social Security cuts in the not-so-distant future.

    Investing your inheritance now could give you greater retirement security, and help you build a legacy for future generations.

    It’s important to maintain a diverse mix of assets in your portfolio. If you’re years away from retirement, you might keep the bulk of your portfolio in stocks and a smaller portion in bonds.

    For instant diversification, consider investing in S&P 500 index funds, giving you exposure to the 500 largest publicly traded companies. For the bond portion of your portfolio, consider a mix of corporate bonds, Treasuries, and municipal bonds for tax diversification.

    However, diversifying outside of the stock market is equally critical, especially given its recent volatility. Investing in commodities like gold can help stabilize your portfolio and ensure your retirement fund continues to grow.

    When you open a gold IRA with Priority Gold, you can roll over existing 401(k) or IRA accounts into a precious metals IRA without tax-related penalties. Qualifying purchases can also receive up to $10,000 in free silver.

    Learn more about why Priority Gold has 5-star reviews on Trustpilot and the Better Business Bureau when you download their free 2025 guide on investing in precious metals.

    Another way to diversify is to invest in real estate. New investing platforms are making it easier than ever to tap into this market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Address your family’s most pressing needs

    There’s nothing wrong with using proceeds from an inheritance to improve your life and that of your family — right now. So think about your most pressing needs.

    If you’re living in cramped quarters, you might use some of your money to finish off your home’s basement for extra living space. Or you could buy a larger home.

    Mortgage Research Center (MRC) can help you get started on the buying process in less time than you’d think. Their online platform allows you to quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type and price range and annual income.

    Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

    After you match with a desired lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit. You can also invest in your children’s education. A December 2023 Discover survey found that 70% of parents are worried about not having enough funds to cover their children’s education.

    You could put some of your inheritance into a 529 plan toward your children’s college education, allowing it to grow tax-free.

    Consult a financial advisor

    Whenever your financial situation changes substantively, it’s a good idea to consult a professional. A financial advisor can guide you through some of the best ways to invest your inheritance to meet your goals — and advise you on tax and legal implications.

    For example, income from certain assets could bump you into a higher tax bracket. An inherited IRA might be subject to the 10-year rule, meaning you have to withdraw all the funds within 10 years of the original account owner’s death.

    You can learn more about the unique rules and opportunities your new financial situation will entail with a professional advisor found on Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    With that kind of guidance, your surprise inheritance might additionally surprise you in all the ways it can multiply abundance in your life.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

    How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    During your working years, it’s important to have cash savings for unplanned expenses. These could run the gamut from home repairs to medical emergencies to a period of unemployment.

    But what if you’re retired and are therefore relying on your savings and investments to fund your lifestyle? In that case, the guidelines for keeping cash on hand change quite a bit.

    Here’s what you need to know before you retire.

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    Why do retirees need cash?

    In the context of retirement, cash can mean funds in a checking or savings account, or certificates of deposit (CDs) —essentially, money that’s shielded from market fluctuations.

    Here are some reasons you’ll need cash as a retiree.

    1. You’re living off of savings now

    While Social Security offers income, the average benefit of $1,918 per month may not cover all expenses. Once that’s spent, cash allows you to handle surprises like car repairs or home maintenance without selling stocks or draining your savings.

    If you want to grow your savings more efficiently, you can so just that with a high-yield cash account like the one offered by Wealthfront.

    Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 5.00% APY — that’s 10x the national average.

    With full access to your money at all times, Wealthfront also offers fast (and free) transfers to internal Wealthfront investing accounts, as well as external accounts

    To get started, you can fund your cash account with as little as $1 and start stacking up your savings.

    To compare all the best savings options, you can check out Moneywise’s Best High Yield Savings Accounts of 2025 to find some savvy savings options that earn you more than the national average of 0.4% APY.

    Like the sound of high-yield account rates?

    Then you might also be interested in exploring certificates of deposit (CDs). A CD is a low-risk savings option that can yield interest comparable to, or even higher than, the top savings accounts. The trade-off for this higher rate is that your money stays locked in the account for a set period.

    With SavingsAccounts.com you can shop and compare top certificates of deposit rates from various banks nationwide.

    Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon so you can find the right CD to meet your retirement savings goals.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    2. You will face unplanned expenses

    For workers, an emergency fund doesn’t just safeguard against a job loss. It can also be the ticket to covering surprise expenses without going into debt. And being retired doesn’t make you immune from surprises.

    Many retirees face home repairs as their properties age alongside them. Your monthly Social Security check may not be enough to replace a water heater, or cover hospital expenses if you encounter a medical emergency.

    If you’re concerned that Medicare might not cover your expenses, there are other insurance options you can consider.

    Long-term care insurance offers coverage for the costs of in-home assistance, nursing homes or assisted living facilities.

    Without proper planning, paying for long-term care could deplete your retirement fund. In many cases, the burden of paying for care often falls on family members – potentially straining their finances.

    When considering long-term care insurance, GoldenCare offers different options based on your needs, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living, and traditional long-term care insurance..

    If your health is excellent, you may be able to cover your health care expenses with relative ease. If you have multiple health issues, it’s a good idea to stockpile extra cash in case your bills start to mount at a time when it’s not advantageous to tap your investments.

    3. You want to protect yourself from investment losses

    You may have the majority of your retirement savings in a portfolio of investments that include stocks, bonds, and mutual funds. The upside of holding these investments in retirement is that they can continue to generate growth, giving you access to more money. The downside is that their value can change based on market conditions.

    If you have a riskier portfolio more concentrated in stocks, then you may want more cash on hand to balance that out. If your portfolio is largely bonds, you might get away with less cash, since bonds are less volatile than stocks and can provide predictable interest payments that you can use as income.

    If you’re optimizing your investments for stability, gold is typically more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years.

    Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

    These days, you don’t even have to go to a bullion shop to buy precious metals. There are plenty of online platforms that offer a wide selection of gold and silver bars and coins and fair pricing.

    Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

    To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

    How much cash should you aim for in retirement?

    Just as there are different opinions when it comes to building an emergency fund for your working years, the guidance varies over how much cash you might need in retirement.

    Remember that it’s never a bad idea to speak with a qualified financial advisor.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This is the true value of having a fully paid-off home in America — especially when you’re heading into retirement

    This is the true value of having a fully paid-off home in America — especially when you’re heading into retirement

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    There’s great news for America’s homeowners: A growing percentage now own their homes outright. No mortgage, no liens.

    As of 2024, about 38.8% of owner-occupied homes in the United States are owned outright, meaning they no longer have mortgages to pay, according to U.S. Census Bureau data. That is a 40% increase between 2012 and 2022.

    Don’t miss

    Over half of homeowners from this reporting period are also above the retirement age of 65. So if you’re fortunate enough to be mortgage-free and headed towards retirement, chances are you have a lot going for you financially.

    For starters, the worth of your home, should you choose to sell it, represents 100% equity — meaning your bank owns none of it. If property values in your area have jumped since buying, your home is now much more than a roof over your head. It’s also a storehouse of wealth.

    Here’s a closer look at what a fully owned residence could translate to in dollars and cents.

    Hard-won returns

    It’s important to note that homes don’t provide returns like traditional investments. After years of mortgage payments, much of your money goes to the lender.

    For example, on a $500,000 home with a $100,000 down payment and a 15-year mortgage at 2.5%, you’d pay around $80,000 in interest, excluding property taxes, repairs and insurance.

    Even if you don’t own your own home, there are other ways to get the housing market working for you without a hefty downpayment or managing property. New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allows you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    Between 2008 and 2013, home prices more than doubled, according to the Federal Housing Finance Agency. This means that a $500,000 home bought in 2008 could be worth $1.08 million today.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Your fully owned home’s ripple effect

    Another way to determine what your paid-off home is worth is by considering how it impacts your retirement budget.

    By eliminating a $2,500 mortgage payment, you cut your annual expenses during retirement by $30,000.This can help bring your retirement income needs closer to the lower end of the 55%-80% range suggested by Fidelity. Paying off your home before retirement can make for more years of mortgage free investing.

    For example, paying off your home by 60 years of age frees up $150,000 to invest over five years. At a 7% return, that can grow to $210,000 — providing a solid retirement cushion and the means to build extra wealth.

    Real estate investing can be a proven path to building lasting wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a Gallup survey.

    Through strategic investments in commercial properties and residential real estate, investors can create a robust portfolio that provides both immediate returns and long-term growth.

    Today, innovative investment platforms are making real estate more accessible than ever. First National Realty Partners (FNRP) allows accredited investors access to grocery-anchored commercial real estate investments with a minimum investment of $50,000.

    With FNRP, investors own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, providing potential cash flow without the headache of tenant costs and management.

    Cashing out your equity

    One creative way to fund your retirement lifestyle is through a reverse mortgage, which lets you tap into your home equity to supplement your income, pay off substantial debt or fund renovations.

    The average homeowner has a home equity of $313,000 as of March 2025, according to the ICE Mortgage Monitor report. This could beis quite substantial depending on your financial situation.

    You can choose to borrow the funds as a lump sum or fixed monthly payment and can spend it however you want, allowing you to turn all that home equity into tax-free cash, helping to support your retirement lifestyle.

    With a reverse mortgage, you can continue living in your home while accessing its value — and you won’t have to make monthly mortgage payments. The loan only becomes due when you move, sell the home or pass away.

    You can check out Money.com’s list of industry-leading companies offering reverse mortgages here.

    Compare offers instantly and request a free information guide to help you understand how to get started, and to see if a reverse mortgage is right for you.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Americans in their 30s, 40s are finally breaking their way into the 401(k) millionaire club — here’s what they’re doing and why you should start copying in 2025

    Americans in their 30s, 40s are finally breaking their way into the 401(k) millionaire club — here’s what they’re doing and why you should start copying in 2025

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Americans think it’ll take $1.26 million, on average, to retire comfortably, according to an April 2025 survey by Northwestern Mutual. And reaching $1 million in retirement savings is a step in the right direction.

    There’s good news from Fidelity in that regard, and it’s that 401(k) millionaires are on the rise due to an uptick in worker contribution rates and stock market gains. And further good news is that millennials are finally joining the 401(k) millionaire club, albeit slowly.

    Don’t miss

    While savers aged 28 to 43 represent fewer than 2% of 401(k) millionaires among Fidelity enrollees, the fact that some have gotten to that point is impressive. And with the right approach, you can, too.

    401(k) millionaires on the rise

    The number of 401(k) millionaires grew by 9.5% in the third quarter of 2024, hitting 544,000 from 497,000 in the previous quarter, according to Fidelity. What’s more, average 401(k) balances saw a year-over-year increase of 23%, climbing to $132,300.

    Balances are also rising among long-term savers. Gen X workers who’ve contributed to their 401(k)s for 15 years have an average balance of $586,100, suggesting that many 401(k) millionaires have been saving consistently for a long time.

    Meanwhile, millennials have an average 401(k) balance of $66,500. With the oldest millennials halfway through their careers and the youngest just starting, their balances are expected to grow as they continue to save.

    How to become a 401(k) millionaire yourself

    Becoming a 401(k) millionaire may be more realistic than you think. The key is consistent saving and starting as soon as possible.

    For example, if you invest $400 each month into a 401(k) with a 7% annual return for 41 years your total contribution of $197,000 could grow to over $1 million, thanks to compound interest. However, reducing that timeline to 31 years would only yield about $490,000 — illustrating the value of saving consistently and over the long term.

    If $400 per month seems out of reach, try starting with a smaller amount and work up from there. One way that might help is by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

    Plus, with an Acorns Silver plan you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

    You could also take advantage of Wealthfront’s automated investing platform, where the power of compound interest works for you. Their "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time. Wealthfront offers up to 17 global asset classes to help diversify your portfolio.

    If you open a Wealthfront account today, you can snag a $50 bonus.

    Whether you’re saving for retirement, a home or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Grow your real estate portfolio

    Investing in real estate has traditionally been one way to build wealth. But if you aren’t ready to jump into home ownership — financially or otherwise — new investing platforms are making it easier than ever to tap into the market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Dave Ramsey just issued a blunt reality check to Americans under 40: ‘If you don’t retire a millionaire, that’s no one’s fault but yours.’ Here’s the math to hit $11,600,000 at 65

    Dave Ramsey just issued a blunt reality check to Americans under 40: ‘If you don’t retire a millionaire, that’s no one’s fault but yours.’ Here’s the math to hit $11,600,000 at 65

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    While the headlines have been dominated by a rollercoaster in the stock market, financial guru Dave Ramsey isn’t going doom-and-gloom.

    In fact, the radio host believes every young American has a shot at becoming a millionaire.

    Don’t miss

    “If you’re under 40 years old and you don’t retire a millionaire, that’s no one’s fault but yours,” the 64-year-old said on X, formerly known as Twitter.

    Here’s a closer look at the math behind his exhortation.

    Everyone can be a millionaire

    Despite the economic challenges facing young Americans, Ramsey believes that the average 25-year-old needs to save just a fraction of their annual income to retire at 65 with over $1 million.

    However, his thesis assumes that this 25-year-old invests in “good growth stock mutual funds.” Diligently investing just $100 a month into such growth funds could create a $1,176,000 nest egg within 40 years, according to Ramsey’s calculations. Choosing the right fund is a big part of this.

    For example, since 2010 the Vanguard S&P 500 ETF (VOO) has delivered a compounded annual growth rate of 14.00%. Meanwhile, the S&P 500 has posted an impressive average annual return of 10.13% since 1957.

    The appeal of these platforms lies in their accessibility. Anyone, regardless of wealth, can participate. Even small investments can grow over time, thanks to tools like Acorns, which automatically invests your spare change.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

    With Acorns, you can invest in an S&P 500 ETF with as little as $5. Signing up for Acorns takes just minutes— and Acorns will add a $20 bonus to help kickstart your investment journey.

    Ramsey’s path to $11.6 million

    The four variables for compound growth calculations are time, initial investment, regular investment and growth rate. Of these, the only variable you can somewhat control is regular investment.

    Investing $200 or $300 a month could help you create a nest egg significantly bigger than just $1 million. Ramsey recommends setting the bar even higher at 15% of gross annual income.

    “The average household income in America today is $79,000. If you invested 15% of that ($11,850 a year), you would retire with around $11.6 million,” he wrote in the same thread on X.

    However, most Americans are saving significantly less than Ramsey’s target. As of February 2025, the average personal savings rate is just 4.6%, according to the Federal Reserve.

    Another common financial mistake is keeping your money in low-interest savings accounts. High-yield savings accounts can offer returns up to 10 times higher than those from traditional banks, according to NBC Select and Dynata Banking Behaviors. 82% of those surveyed weren’t using this type of account.

    If you’re looking for the best bank for your savings, you can compare and contrast from Moneywise’s list of the Best High Yield Savings Accounts of 2025.

    Wealthfront is another option to consider for growing your savings. While most traditional banks offer interest rates that barely register — sometimes as low as 0.01% APY — the Wealthfront Cash account offers a much higher 4.00% APY on deposits. That’s about 9.5 times higher than the national average of just 0.42% APY offered by many traditional savings accounts.

    WealthFront Cash has no annual or maintenance fees, and is insured by the Federal Deposit Insurance Corporation (FDIC) for balances up to $8 million. Plus, you can get started with as little as $1.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Leveling up your investments with real estate

    Once you’ve started to save in earnest, it’s crucial to protect your portfolio against inflation. Investing in real estate can help diversify your holdings and grow your wealth over the long term.

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives you access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

    Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

    Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level.

    Arrived’s flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

    Other paths to become a millionaire

    Homeownership can be a key stepping stone to reaching millionaire status by retirement. Refinancing your mortgage to accelerate your ownership is one way to get ahead.

    Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

    When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

    Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

    Their team of experienced professionals will guide you through the process, helping you understand the potential savings and a timeline to becoming mortgage-free.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This Detroit man used to sleep in his van — then he took $27 of cleaning supplies and turned it into $1,000,000. Here’s how Mario Kelly got rich (and how you can too, starting with just $100)

    This Detroit man used to sleep in his van — then he took $27 of cleaning supplies and turned it into $1,000,000. Here’s how Mario Kelly got rich (and how you can too, starting with just $100)

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Not so long ago, Mario Kelly was homeless and sleeping in his van in Detroit, parked outside the kind of expensive homes he dreamed of owning one day.

    Now the self-made millionaire lives in one of those homes, and was featured as 2024’s Entrepreneur of the Year in Beautiful + Machine Magazine.

    Don’t miss

    He tells his story — and how it all started with a $6,500 fixer-upper and $27 worth of cleaning supplies — in his book, The $27 Millionaire.

    From homeless to high-value entrepreneur

    Kelly shared his story with Fox 2 Detroit.

    Once married with a job at Ford, Kelly eventually found himself divorced, unemployed and living in his van. He told Fox 2 that what kept him going was his belief in a better future.

    One day, he noticed police placing an abatement notice on a run-down house, warning of hazards inside. Kelly learned more about problems with the home and believed he could tackle them himself.

    He tracked down the owner and bought the home for $6,500. Room by room, he fixed it up, building skills along the way.

    If you dream of making a small investment in real estate pay off big, consider Arrived, a real estate investing platform backed by world class investors like Jeff Bezos.

    Arrived allows you to invest in shares of SEC-qualified investments in rental homes and vacation rentals without taking on the responsibilities of property management or homeownership.

    You can get started with just $100, not $6500, and you don’t need Kelly’s cleaning skills or passion for DIY. Browse their curated selection of homes, each vetted for their appreciation and income potential.

    Once you find a property you like, you can choose the number of shares you want to buy and start investing in real estate in minutes.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    From $27 to a fortune

    Kelly soon put the skills he learned to work on a larger scale.

    While touring a Shinola factory, Kelly overheard an employee complain about the poor job their current cleaning service was doing.

    Seizing the moment, Kelly said he had a cleaning company. In fact, all he had was $27 worth of cleaning supplies. He landed the Shinola cleaning contract and 313 Cleaning was born.

    "I’m the cleaning guy," he said. "My whole journey started with cleaning, so let’s show them where it started at, where the $27 started at."

    If you think it sounds impossible to turn $27 into a million, you might be underestimating just how far a few dollars can go. Acorns is an automated investing and saving platform that simplifies the process of growing your wealth, starting with your spare change.

    By signing up and linking your bank account, Acorns automatically rounds up the price of each of your purchases to the nearest dollar and deposits the difference into a smart investment portfolio for you.

    Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

    In fact, just $27 per month invested in the stock market can turn into $61,053 in 30 years, assuming an average rate of return of 10%.

    Plus, if you sign up now, you can get a $20 bonus investment.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.