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Becoming a millionaire may seem like the zenith of success for most people, particularly if you’ve worked for minimum wage or struggled to get a raise. And while earning a million dollars today is more feasible in some ways than it was even 30 or 40 years ago, aside from luck and winning the lottery, it takes strategic planning. Experts weigh in on seven ways to set yourself to become a millionaire.
Invest a Lot, and Early
Perhaps the most tried and true method to earn a million dollars is to start investing as much of your income as you can, as early as you can, said Scott Alan Turner, a certified financial planner and consumer advocate with Rockstar Financial Planning. “The math behind becoming a millionaire is quite simple. Step one: smartly invest around $430 a month. Step two: repeat every month for 30 months.”
If this seems like a lot of money to put away, Turner points out that most people pay this much on a car payment each month. “Cars are wealth killers,” he said. The hard part is staying disciplined, he added. “It’s really hard to get rick quick. For earlier financial independence, many people save and invest more.”
The Later You Start, the More You Need To Invest
If you’re starting later in life, the amount you have to invest each month climbs, said Daniel Demian, financial advice expert at Albert. “Starting at age 20, you should aim to invest $364 per month toward retirement to hit a million dollars in savings by age 65,” he said. By age 40 that number has to increase to $1,444. By age 50, $3,439 per month.
Consider Index Funds
Not all investments are created equal. Lattice Hudson, a leadership mentor, business coach and founder of Lattice & Co., advises that you consider index funds. “It’s a large collection of stocks meant to monitor the overall market,” he said. “This is advantageous because you are not investing all of your money in a single company; instead you begin by acquiring a small portion of a couple companies with very low fees.” These funds consistently outperform more expensive competitors, he added.
Invest In Assets That Gain Value
To make money, you need to invest in assets that gain value over time, Hudson said, such as dividends or interest payments. “Try to invest in property with installments. This way you gain assets for a doable price every month, which can later potentially bring in passive income.”
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Pay Off High-Interest Debt
You aren’t going to get very far toward making money if your debts are still dragging you backwards. “Debt at 8% or higher can kill your ability to become a millionaire, because interest payments drain your bank account every month,” said Brittany Kline, personal finance expert. “Do everything you can to pay off all high interest debt as quickly as possible.”
Add Revenue Streams
If your current forms of income aren’t enough to get you to a coveted million or more, you’ll need to pursue additional revenue streams, according to Hutch Ashoo, founder and CEO of Pillar Wealth Management, LLC. “Consider beginning a side hustle or honing your marketable abilities to increase your chances of being promoted or getting a raise. Additionally, I recommend selling your unneeded items on eBay. There are numerous strategies to increase your income and contribute to your objective.”
Come Up With a Good, Marketable Idea
Another way to earn cash is to think outside the bounds of just making money, said Hudson. “Stop worrying about how much income you can generate and begin worrying about how many people you can help. This gives you the chance to get your innovative juices kicking and create a product or service of value.”
Such a product or service could ultimately be a big revenue generator. And if you do come up with one, “having a trademark for a well-known innovation might put you on the fast track to success.”
Becoming a millionaire takes focus and dedication, said Daniel Carter, marketing manager of Loanx. “Even seemingly insignificant expenses, like purchasing a gourmet coffee from a premium coffee shop every morning can quickly pile up and reduce the amount of money you can save.”
The truth is, affluence takes hard work. “One must live a disciplined lifestyle and adhere to a strict budget. This means that people who want to grow their nest eggs must make some sacrifices.”
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This article originally appeared on GOBankingRates.com: So, You Want To Be a Millionaire? 7 Ways To Set Yourself Up for Success
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STRATEGIC POLICY ADVICE
As the world seeks to build back better into a new era of green and equitable economic growth, tertiary education systems are at the heart of the big transformations required throughout economies and societies. Tertiary education is vital for the development of human capital and innovation. Strategic and effective investments in tertiary education can serve every country – from the poorest to the richest – by developing its talent and leadership pool, generating and applying knowledge to local and global challenges, and participating in the global knowledge economy. Effective tertiary education systems ensure that countries have well-trained doctors, nurses, teachers, managers, engineers, and technicians who are the main actors of effective education and health service delivery and public and private sector development.
The imperative for investing in tertiary education derives from two major questions: What are the benefits of investing, and what are the consequences of not investing? The benefits include higher employment levels (that is, lower levels of unemployment), higher wages, greater social stability, increased civic engagement, and better health outcomes. Even more significant and, perhaps, revealing, is examining what happens when countries underinvest in their tertiary education systems. The consequences of underinvestment include brain drain and talent loss, limited access to applied research capacity for local problem solving, limitations to economic growth due to low levels of skills in the workforce, low-quality teaching and learning at every level of education, and, perhaps most glaringly, expanded wealth inequality within and among nations, with those investing proportionately more experiencing resultant growth rates far outpacing those with lower levels of investment and strategic development.
Key elements of strategic policy advice for tertiary education
Decades of insufficient and ineffective investment in postsecondary education and the advanced skills developed through higher learning opportunities have only exacerbated global equity gaps. The World Bank’s new STEERing Tertiary Education: Toward Resilient Systems that Delivery for All policy approach paper describes the approach of the World Bank to support the development of effective, equitable, efficient, and resilient tertiary education systems and institutions.
The paper seeks to: (i) reinforce the imperative that every country – regardless of level of development – invest thoughtfully and strategically in diversified, well-articulated, and inclusive tertiary education systems; (ii) provide a framework for policymakers and other tertiary education stakeholders to examine critical traits responding to the needs for advanced skills and lifelong learning in support of growth and development and key interventions for tertiary education systems in the decades ahead; (iii) examine the impact of the COVID-19 pandemic on the global tertiary education sector and share ideas that promote a resilient recovery from the crisis ; and (iv) provide key information about the decades of commitment the World Bank has shown to utilizing tertiary education for sustainable development, including context, concepts, and scale of the World Bank’s operational and analytical work.
Within this steering framework and with a view to turning the challenges wrought by the COVID-19 crisis into opportunities for impactful reforms, this paper encourages tertiary education policymakers and stakeholders to STEER their tertiary systems and institutions toward greater relevance and impact, utilizing five framing principles:
I. Strategically diversified systems — supporting all postsecondary institutions, ensuring agile, articulated pathways and diversity of forms, functions, and missions
- Developing future-oriented strategies that center on a strong contribution of tertiary education not only to growth and competitiveness but also to social cohesion and human development more broadly for the tertiary education sector, subsectors, and institutions. This is an agenda for high- and middle-income countries but is particularly important for fragile and low-income countries that need to kick-start the technological innovation and adaption engine and provide the young generation a productive and peaceful future.
- Positioning tertiary education in a lifelong learning context with flexible pathways, second-chance options, and greater adaptability to the needs and opportunities afforded by employers, civil society, and governments. This means permeability across pathways and providers, modularization of learning offers, and student-centered credit systems to allow for flexible pathways as well as bridging and mentoring programs to boost tertiary remedial education to give everyone a good start and adequate support in tertiary education.
II. Technology — designed and applied in a purposeful and equitable manner
- Harnessing the power of technology to improve teaching and research capacity while simultaneously acknowledging and countering the impact of expanding digital divides. With tertiary education sectors massively expanding across the globe and low-income groups and countries trailing behind, technology might be the only way to effectively ensure equity and resilience.
- Building a digital ecosystem with the help of National Research and Education Networks (NRENs) and effective collaboration across government portfolios. Harnessing the power of technology means that tertiary education institutions not only profit from digitalization but also advance digitalization through the development of digital skills, and application of digitalization across its functions and related research and development.
III. Equity — a universal approach to the benefits and opportunities of postsecondary learning
- Acknowledging that inequity is a form of injustice.
- Acting to ensure that equity and inclusion in access and success are a driving ethos for an effective and relevant tertiary education system.
IV. Efficiency — a goal-oriented, effective use of resources
- Improving information systems so that sectors, subsectors, and institutions can be managed and enhanced utilizing evidence and sound information
- Devising and deploying governance, financing, and quality assurance instruments that are designed to weather the current and potential future crises.
- For financing, this means, for example, that systems and institutions diversify their funding base and reduce dependency on a single income source (which will require revisiting questions of cost-recovery and are thinking of student grant and loan schemes in many countries) and use innovative funding mechanisms.
- For quality assurance, this means that remote options for accreditation and evolution are established and applied when the environment requires such agility in ensuring quality under all conditions.
- For governance, this means ensuring the external governance — legislative and ministerial oversight — and institutional governance — boards and oversight bodies — are developed and operated in such a manner that promotes effective connections with external actors and the world of work and allows for rapid innovations to be tested and embraced in such a way that institutions are able to continue their operations within the scope of their charters and missions.
V. Resilience — the ability to persist, flourish, and deliver agreed goals despite adversity
- Acknowledging the need for resilience planning, by taking stock of the successes and failures of the COVID-19 response at the systems and institutional levels and analyzing options that would have mitigated the failures.
- Utilizing adaptive governance frameworks to embed immediate, strategic resilience interventions to address significant short- and long-term challenges facing tertiary education systems and institutions as a result of the shocks brought on by the pandemic, including diminished resources for institutions, personal and academic challenges for institutions and students, demand for improved infrastructure to support continued distance and blended learning models, reduced mobility placing pressures to improve regional and local tertiary institutions, questions of sustainability of funding models, and much more.
These five priorities present critical building blocks with which leaders and institutions can reframe and strengthen their tertiary education systems for greater impact on learning, growth, innovation, and social development.
Last Updated: Oct 22, 2021
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The Tax Cuts and Jobs Act, signed December 22, 2017, affects the Rehabilitation Tax Credit for amounts that taxpayers pay or incur for qualified expenditures after December 31, 2017. The credit is a percentage of expenditures for the rehabilitation of qualifying buildings in the year the property is placed in service.
- Requires taxpayers take the 20-percent credit ratably over five years instead of in the year they placed the building into service
- Eliminates the 10 percent rehabilitation credit for the pre-1936 buildings
A transition rule provides relief to owners of either a certified historic structure or a pre-1936 building by allowing owners to use the prior law if the project meets these conditions:
- The taxpayer owns or leases the building on January 1, 2018 and at all times thereafter
- The 24- or 60-month period selected for the substantial rehabilitation test begins by June 20, 2018
Notice 2020-58 grants relief for certain section 47 deadlines on account of the COVID-19 pandemic. As part of the relief granted, for taxpayers subject to the transition rule, Notice 2020-58 provides that, if the 24- or 60- month measuring period in which the requisite amount of qualified expenditures is paid or incurred to satisfy the substantial rehabilitation test for a building originally ends on or after April 1, 2020, and before March 31, 2021, the last day of the 24- or 60-month measuring period for a taxpayer to pay or incur the requisite amount with respect to the building is postponed to March 31, 2021.
Reminders for Claiming the Rehabilitation Tax Credit
Form 3468, Investment Credit, is used to claim a variety of investment credits, including the section 47 rehabilitation credit. The instructions to the Form 3468 provide detailed requirements for completing the form.
The form must be attached to the return for each year in which the qualified rehabilitation tax credits are claimed. The form is not required when carrying forward or back net operating losses from a rehabilitation tax credit claimed in another tax year.
Who must file
The instructions require taxpayers claiming a rehabilitation tax credit to file the Form 3468. This includes a shareholder, partner (other than a partner in an electing large partnership), or beneficiary claiming a credit through an S corporation, partnership, or trust.
In addition, if an estate or trust, S corporation, or partnership is the owner of a certified historic structure, it must file a Form 3468 even if the credit is not being claimed by the entity.
A lessor of property may elect to treat the lessee as having acquired the property. The lessee will be treated as the owner of the property required to file Form 3468. The lessor will attach a copy of the election to their return and the lessee will file Form 3468. The lessor also should provide the National Park Service project number to the lessee.
Property or Source of Credit
If the credit claimed for a rehabilitation of a certified historic structure is claimed by the owner of the property the project number assigned by the National Park Service (NPS) must be shown on the owners return. Caution: Do not use state or other identification numbers such as internal identification numbers.
If a lessee is treated as the owner of the property, the lessee should complete Part 1 of the Form 3468 and provide the National Park Service project number.
If the qualified rehabilitation expenditures are passed through to an S corporation, partnership, estate, or trust, then the employer identification number of the pass-through must be shown instead.
Date of Certification of Completed Work
Form 3468 requires the date the NPS Reviewer signed NPS Form 10-168, Part 3, Certification of Completed Work. Caution: Do not use dates for Part 1 or 2, the application date of Part 3 of the NPS Form 10-168, or any other date.
If the final certification hasn’t been received by the time the tax return is filed for a year in which the credit is claimed, a copy of the first page of NPS Form 10-168, Historic Preservation Certification Application (Part 2—Description of Rehabilitation), with an indication that it was received by the Department of the Interior or the State Historic Preservation Officer, together with proof that the building is a certified historic structure (or that such status has been requested). Individuals filing electronically can submit the information with Form 8453. Certification information will be required in the year received.
Carryback or Carryforward
Do not file Form 3468 if the credit is a carryback or a carryforward from another year. Instead report the credit on Form 3800 (and From 8582-CR if required).
Recent Advice on the rehabiliation tax credit:
In Historic Boardwalk Hall, LLC. v. Commissioner, 694 F.3d 425 (3d Cir. 2012), cert. denied, U.S., No. 12-901, May 28, 2013, the Third Circuit considered whether an investor’s interest in the success or failure of a partnership that incurred qualifying rehabilitation expenditures was sufficiently meaningful for the investor to qualify as a partner in that partnership. The Third Circuit determined that the investor’s return from the partnership was effectively fixed, and that the investor also had no meaningful downside risk because its investment was guaranteed. The Third Circuit agreed with the Commissioner’s reallocation of all of the partnership’s claimed losses and tax credits from the investor to the principal, holding that “because [the investor] lacked a meaningful stake in either the success or failure of [the partnership], it was not a bona fide partner.
On January 13, 2014, the Internal Revenue Service issued Revenue Procedure 2014-12 which establishes the circumstances under which the Internal Revenue Service will not challenge partnership allocations of § 47 rehabilitation credit by a partnership to its partners.
Tax Exempt Use Property
The rehabilitation tax credit is not allowed for expenditures with respect to property that is considered be tax exempt use property. Under the tax-exempt entity leasing rules of 168(h), the threshold to determine if a disqualified lease exists has been raised to more than 50%.
Alternative Minimum Tax
For qualified rehabilitation credits determined under Internal Revenue Code Section 47 attributable to qualified rehabilitation expenses properly taken into account for periods after December 31, 2007 the alternative tax rules are not applicable. Thus, a taxpayer may use the rehabilitation tax credit to offset his regular tax liability. See the instructions on Form 3468, Investment Credit, for more information.
Place of Filing Notice
If you have claimed a rehabilitation tax credit and the entire project is not completed 30 months after you have claimed the credit and you have not received final certification from the Department of Interior, you must provide written notice to the Internal Revenue Service. The notice must be provided before the last day of the 30 months. The notice as required under Regulation Section 1.48-12(d)(7) is to be mailed to the address shown and you must consent to extend the statute of limitations.
For information on donating an easement on a historic building see the Conservation Easement Audit Techniques Guide .
Topical Tax Briefs
Get Frequently Asked Questions about the Tax Aspects of Historic Preservation.