Do You Have to Be a Millionaire to Retire Comfortably? We Don’t Think So. Here’s How

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Being a millionaire isn’t everything. Despite the glamour of it all, having seven figures in your bank account isn’t the source of all happiness — and it definitely isn’t the only way to have a comfortable retirement.

So long as you put a few hundred dollars into a retirement account each month, you could retire with a cool million yourself (we did the math!). Currently being a millionaire? Not required.

Even if you’re not in your 20’s anymore, and you haven’t started saving for retirement, it’s not too late. Start now with these smart financial moves that can grow your wealth and have you retiring in style.

1. Make Smart, Strategic Investments

The stock market averages about 7% growth each year. And while it does have its ups and downs, over time, it tends to go up. Which is why investing is such an important part of building up a retirement fund.

The problem is that sometimes it feels like investing is only for the super rich, who own shares of the world’s biggest companies.

And if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.

But with an app called Stash, it doesn’t have to be. It lets you be a part of something that’s normally exclusive to the richest of the rich — on Stash you can buy pieces of other companies for as little as $1.

That’s right — you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as $1. The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1

It takes two minutes to sign up, and it’s totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money’s safe.”2

Plus, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account.*

2. Stop Giving Your Car Insurance Company Extra Money

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

3. Grow Your Savings Faster

Part of being prepared for retirement is having a good chunk of money available now, too. If you have a healthy savings account, you won’t have to worry about dipping into your retirement fund early (which can come with hefty fees!).

But you still want to make sure that money is going to grow, right?

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?

Yep. When you sign up for a debit card called Aspiration, you could get up to 5% back when you swipe at certain stores — plus they give you up to 50 times the normal national interest rate on your savings balance.

It’s perfect for earning extra cash for things that are already on your shopping list. You were going to buy these things anyway — why not get this extra money in the process?

This card used to have a huge waiting list, but now you can sign up for free.

Just enter your email address here and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

4. Invest in Famous Art (Even if You’re Not a Millionaire)

Here’s the deal: If you’re not investing in contemporary art, you might be missing out on an asset whose prices have historically outpaced the S&P by 164% from 1995 – 2020. (FYI, the S&P tracks 500 of the largest companies in the stock market)

You’re probably thinking you need at least a few more zeros in your checking account before you can even start thinking about that, right?

But a company called Masterworks lets normal people like us invest in multimillion-dollar works of art — something normally only available to the super rich.

But you don’t need hundreds of thousands of dollars to buy a masterpiece outright; with Masterworks, you can invest in multimillion dollar paintings.

It takes less than a minute to sign up for a free account.

Investing in contemporary art is a long-term strategy, so patience pays off here — literally. But once your piece of art sells, you get your share of the potential profits.

5. Get Free Stock From This Company

If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth $2.50 to $200!) if you know where to look.

Whether you’ve got $5, $100 or $800 to spare, you can start investing with Robinhood.

Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.

What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $2.50 to $200 — a nice boost to help you build your investments.

6. Improve Your Credit Score So You Can Afford Big Life Purchases

Owning a home can be a great investment in your future — home values tend to appreciate over time, meaning the house you buy now could bring you a serious windfall when you sell it and retire to Scottsdale.

But if your credit isn’t excellent, you could be hard-pressed to find a fair interest rate on a mortgage — if you get approved for a loan at all. That’s why it’s important to stay organized and keep tabs on your credit score.

So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.

Within 90 seconds, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.*** “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.

Want to check for yourself? It’s free and only takes about 90 seconds to sign up.

Kari Faber is a staff writer at The Penny Hoarder. 

1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year.

2To note, SIPC coverage does not insure against the potential loss of market value.

For Securities priced over $1,000, purchase of fractional shares starts at $0.05.

The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank.

*Offer is subject to Promotion Terms and Conditions. To be eligible to participate in this Promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit $5.00 into your Invest account.

The Penny Hoarder is a Paid Affiliate/partner of Stash. 

Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk. 

***Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10-point increase, and 20% see at least a 50-point increase after 180 days.

Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any score improvement is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning and developing better credit habits.

*See important Regulation A disclosures at masterworks.io/cd