People can get rich with minimal investment if they open an IRA or 401(k) account when they are young, put a percentage of their salaries into it regularly and invest the account balance in diverse mutual funds, reports Business Insider. They must also make lifestyle choices that enable them to continue their investments and save what they have earned.Continue Reading
Contributions to traditional 401(k) accounts or IRAs are in pre-tax dollars, and employers often match or contribute a percentage of what employees set aside, explains CBS Moneywatch. Even small amounts of investment savings add up if people continue to make steady contributions month after month. Investing in U.S. and international mutual funds that grow at different rates ensures a considerable accumulation of funds by retirement, adds Business Insider.
One of the main hurdles people need to overcome to be able to accumulate enough savings to get rich is to avoid the temptation to spend money on things they don't need, such as excessive smart phone plans, extravagant vacations, frequent restaurant meals and daily lattes, cautions Business Insider. People should avoid purchasing expensive items until they can afford to pay for them, get rid of credit card debt and not put more on their credit cards than they can afford to pay off at the end of the month, according to CBS Moneywatch.Learn more about Investing