10 ways to realistically make your first $1 million

Making $1 million might seem like an impossible goal — but with planning, side gigs, lifestyle tweaks and investing, it’s actually doable. Like any large goal, breaking the steps into manageable pieces can increase your chance of success. See what steps money experts recommend you take to help you make your first $1 million.

1. Boost Your Profit Margin

A profit margin isn’t strictly reserved for businesses; it also applies to you. “By increasing the gap between what you earn and what you spend, you end up with a profit in exactly the same way a business earns a profit,” said J.D. Roth of personal finance blog MoneyBoss.com. “This profit can then be used to pursue your long-term financial goals.”

To specifically reach a million bucks, you’ll need to boost your savings rate substantially more than the normal 5 percent to 15 percent, said Roth. He suggested saving half of your income, and noted that you’ll have to make hard choices of deferring present spending in exchange for future financial success. For two-income families, he suggested choosing to live on one income, and saving and investing the other salary.

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