Charles Carlson – 8 Steps To Seven Figures

Eight Steps to Seven Figures: The Investment Strategies of Everyday Millionaires and How You Can Become Wealthy Too

We know some things about the millionaire next door–what kind of car he drives, how big his house is–but we don’t know so much about how he built his wealth. In Eight Steps to Seven Figures, Carlson attempts to fill in the blanks by telling us the stories of 170 regular, middle-class folks who made millions by investing in the stock market. The steps he outlines are so simple that most people interested in investing already know them: Invest regularly, hang onto your investments for a long time (75 percent of the millionaires he surveyed held each investment an average of five years); use the tax code to your advantage by fully funding 401(k) plans and Roth IRAs. Step 4, “Swing for Singles,” suggests investing in brand-name, blue-chip stocks when they look underpriced–something anyone who’s ever heard of Warren Buffett can tell you. A couple other steps aren’t quite so obvious.

For example, Step 3 dictates that you buy only stocks and stock funds and forget about asset allocation. (“You get rich buying stocks. You stay rich buying bonds.”) Step 8, “Limit Shocks to Your Finances,” counsels you to keep your day job. (No day traders or Internet jackpoteers in this group.) This material could be dull as dirt, but Carlson keeps it lively. He reminds investors not to overestimate their genius during a bull market. He suggests that selling too late is better than selling too early, if you buy growth stocks and avoid cyclicals. “If you buy right, selling late may mean making ‘only’ a 300 percent profit instead of a 400 percent profit,” he writes. What’s most fun, though, is following the investment careers–the big hits and big mistakes–of the 170 investors. You read stories of selling Microsoft too soon, of not buying enough Dell when it was selling for $5 a share. But these people all ended up millionaires, and when you put this book down, you will almost certainly feel that you can, and probably should, be a member of their club.

What does it take to be a millionaire when you retire? Less than you think. Certainly less than I thought.

Charles Carlson gives eight steps to achieve that goal:

1. Start investing right now. Every day you wait is lost money.
2. Establish a goal that matters to you. If possible, make it measurable so you can track your progress.
3. Buy only stocks and mutual funds. Forget about the rest.
4. Buy only high quality stocks that are leaders in their field or, if you know the area, you are sure will be leaders. Buy what you know and when you don’t use no-load index funds.
5. Invest monthly, no matter how small. It adds up through compound interest and forces you to invest when the market is down. Diversify through time, not assets.
6. Buy and hold. Sell only when necessary. Never daytrade, which just makes your broker and government rich. Buying and holding makes you rich through better returns and tax reduction. And it’s less stressful to boot.
7. Limit taxes as much as possible by taking advantage of tax breaks. Hold stocks for at least a year (though the longer the better) and put in the maximum legal contributions into your 401(k) and/or IRA, or as much as you can afford.
8. Live a stable and simple life. Limit shocks to your finances – don’t divorce, don’t job or house hop, don’t get into debt, don’t have ten kids, don’t daytrade. Dare to be boring.

Sounds simple enough. Here’s an example. If a 20 year old invests just $67 per month into a 401(k) (assuming 11% average annual return), he will have a million-dollar portfolio by age 65. That’s less than $37,000 turned into $1,000,000, the magic of compound interest.

But the longer a person waits, the harder it gets. By age 30, the monthly requirement increases to $202 per month. By age 40, it’s $629 per month. That’s why the number one step is to start now, especially if you want to retire early.

If you want to be a millionaire, it isn’t that hard. It just takes a willingness to contribute regularly to your retirement account and live on less than your income. That’s something even I can do. And so can you.

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