At first glance, building a net worth of $1 million might seem unattainable, but it’s more realistic than you think. In fact, you don’t even need a winning lottery ticket or a trust fund to join this exclusive club.
Bob Chesner had a sneaking suspicion he might be paying too much for his retirement plan. The partners at his 25-employee law firm had picked their plan 15 years ago, long before technology-driven retirement platforms started to drive down costs. And when Chesner, chief operating officer of Austin-based Giordani, Swanger, Ripp & Phillips, started to dig into the details, he was shocked. Between administration, custodial, and management fees, the old plan cost participants a whopping 2.17 percent of assets each year.
Five years ago, when I was in my mid-30s, I opened my first adult savings account. I was attending a friend’s wedding in India and wanted to make sure I had enough money to go.