May 20, 2012 is Be a Millionaire Day in the USA

It's Be a Millionaire Day! Today is the perfect opportunity to dream big and imagine what life would be like as millionaire! While a million dollars may not be what it used to be, seeing a seven-figure number in your bank account is still considered a major financial milestone.

The first multi-millionaire in the United States was John Jacob Astor (1763 – 1848). Astor made his fortune in trade and later established the first trust in American history. His great-grandson, John Jacob Astor IV, was the wealthiest person aboard the Titanic.

There are many different ways to celebrate Be a Millionaire Day. Invest money in a savings account or stock portfolio, or purchase a lottery ticket to try your luck!

Here are a few steps to consider taking if you want to reach millionaire status in your lifetime.

Make Time Your Friend: Start now. Begin saving and investing as early as possible to take advantage of compounding. Time equals growth.

Pay Yourself First: If you wait until you have the money to save, then you’ll never have it. Treat savings like a bill…make it an automatic monthly payment. If you’re choosing between saving for your child’s college fund or your retirement fund, remember…there are no scholarships, grants, or loans for retirement.

Take Advantage of Tax-Deferral and Matching: Invest in an IRA or your company’s employer-sponsored retirement plan (a 401(k) for example). If your company matches your personal contribution, contribute as much as the match allows.

Build An Emergency Fund: Reduce the temptation to ever draw from your savings and retirement accounts.

Be Patient and Have Courage: Think long-term and resist the urge to panic with every perceived negative financial report in the news. Enlist the aid of a Certified Financial Planner ™ to help create a road-map to your goal, and to guide you through the economic bumps.

These are just a few tips to get you started. Though they you won’t make you a “millionaire in a day,” knowing that you’re on your way to joining that elite club is still a reason to celebrate!