Don’t Panic. It’s Not Too Late to Retire a Millionaire. Here’s How to Get Started

A woman throws money around while wearing a yellow suit against a purple backdrop. This story shows you how to retire like a millionaire.
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Yes, the best time to start saving for retirement is when you first join the workforce. But if you’re like a lot of us, you might be feeling a bit behind. That’s OK — the second best time to start saving is today. You still have a shot to retire a millionaire.

So take a deep breath, because you’re going to be OK! But don’t wait any longer to grow your wealth, because the sooner you get started, the better shape you’ll be in when your retirement party gets planned.

Here are a few ways to kickstart your savings and get you into the Seven Figure Club.

1. Start An Investment Portfolio Today With Just $1

Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company. They definitely won’t have to worry about money when they retire.

But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach. It can feel like retiring a millionaire, let alone retiring at all, isn’t possible because you don’t own a company.

That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.* And by investing in profitable companies, you can grow your money faster than if it sat in a regular savings account.

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

It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.**

2. Invest in Real Estate (Even if You’re Not a Millionaire)

Take a look at some of the world’s wealthiest people. What do they have in common? Many invest in large private real estate deals. And here’s the thing: There’s no reason you can’t, too — for as little as $10.

A company called Fundrise lets you get started in the world of real estate by giving you access to a low-cost, diversified portfolio of private real estate. The best part? You don’t have to be the landlord. Fundrise does all the heavy lifting.

Fundrise’s Starter Portfolio has a minimum of only $10 and is geared toward first-time real estate investors. Your money will be invested in the company’s Flagship Fund, which already owns more than $250 million worth of real estate around the country, from apartment complexes to the red-hot housing rental market to larger last-mile e-commerce logistics centers.

Want to invest more? Fundrise offers a variety of account levels and features to fit every type of investor’s needs. Once invested, you can track your performance on Fundrise’s website and mobile app, and watch as properties are acquired, improved and operated. As tenants pay their rent, you could earn money through quarterly dividend payments, and over time, you could earn money off the potential appreciation of the property. Since 2014, Fundrise investors have earned roughly $100 million in dividends alone.

So if you want to get started in the world of real-estate investing, it takes just a few minutes to sign up and create an account with Fundrise.

*Past performance is not indicative of future results. The publicly filed offering circulars of the issuers sponsored by Rise Companies Corp., not all of which may be currently qualified by the Securities and Exchange Commission, may be found at www.fundrise.com/oc.

3. Cut Back on Your Bills, Starting With Your Car Insurance

When you’re trying to save for retirement, cutting expenses is one of the most impactful things you can do in the short term. You don’t want to cut every enjoyable thing out of your budget, but the truth is, one of the simplest expenses you can cut is car insurance.

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.

4. Get Rid of Your Credit Card Debt Faster, So You Can Put More Money Into Retirement

People who are prepared for retirement do a lot of smart things with their money. Wasting it on credit-card-debt payments isn’t one of them.

Unavoidable for normal people like us though, right? It feels like we’ll always be stuck with escalating interest, making it impossible to fully pay off our debt.

But with help from a free website called AmOne, you could wipe out all of your credit card debt by the end of the week.

It will match you with a low-interest loan to pay off all your credit cards at once. Its interest rates start at 6.40% — way lower than the 20% or more you’re probably paying your credit card company. That could save you thousands in the long run.

Plus, you’ll be debt-free that much faster.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $100,000 online.

5. Improve Your Credit Score So You Can Become a Homeowner

When it comes to your credit score, it’s important to stay organized and keep tabs on it. And while you’re probably thinking, What does my credit score have to do with retirement?, it actually can play a huge role in your financial freedom.

Like if you want to make a big purchase — a house, a car, a boat, whatever — having good credit is imperative.

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.

6. Take Advantage of Your Employer’s 401(k) Match (Even If You Don’t Have the Cash)

Does your boss match your 401(k) contributions? If you take advantage, it could mean hundreds of thousands of extra dollars in your account when you retire. It’s free money!

But what if you can’t afford to contribute to your 401(k)?

Believe it or not, a company called Lendtable will give you the cash. 

We know it sounds too good to be true. But if your employer has a 401(k) match program, this is money they already have earmarked for you. By using Lendtable, you’ll be able to unlock that free cash.

It takes three minutes to answer a few questions to see how much free money you could get from your boss.

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

**You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.

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.