{"id":350198,"date":"2026-03-17T05:23:14","date_gmt":"2026-03-17T05:23:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/350198\/"},"modified":"2026-03-17T05:23:14","modified_gmt":"2026-03-17T05:23:14","slug":"im-a-financial-planner-4-things-you-must-do-to-retire-a-millionaire","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/350198\/","title":{"rendered":"I’m a Financial Planner: 4 Things You Must Do To Retire a Millionaire"},"content":{"rendered":"

\"A <\/p>\n

\n Turker Minaz \/ iStock.com <\/p>\n

Commitment to Our Readers<\/p>\n

GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n

\"\"<\/p>\n

20 Years
Helping You Live Richer<\/p>\n

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Millions of Readers<\/p>\n

Who wants to be a millionaire? The better question is: \u201cWho doesn\u2019t want to be a millionaire?\u201d The only person who would answer \u201cme\u201d to this latter question is probably a billionaire.\u00a0<\/p>\n

And who doesn\u2019t want to retire a millionaire? After decades of devoting most of our waking hours to a job or two, we want to hang up our working hats and relax in our golden years<\/a>. So how do we do it? Find out how you can retire as a millionaire.<\/a><\/p>\n

Build Wealth Inside Protected Accounts<\/p>\n

We all know we have to invest<\/a> \u2014 but in what exactly? And how. This is a crucial question to understand the answer to if you want to retire prosperously<\/a>.\u00a0<\/p>\n

\u201cNot all investment dollars are created equal,\u201d said Blake Harris, founder at Blake Harris Law<\/a>. \u201cRetirement accounts like 401(k) [plan]s<\/a> and certain ERISA-qualified plans have strong federal protections from creditors. That means you\u2019re not just growing money; you\u2019re growing it inside a legally protected structure. If you want to retire a millionaire<\/a>, prioritize protected buckets first.\u201d<\/p>\n

Separate Risks From Assets<\/p>\n

Risk is part of investing, but it should not be taken on unnecessarily, which is what you\u2019re potentially doing if you don\u2019t protect your assets legally.\u00a0<\/p>\n

\u201cIf you own rental property, a side business<\/a> or investment real estate, don\u2019t hold it casually in your personal name,\u201d Harris said. \u201cUse proper legal structures like LLCs to separate personal wealth<\/a> from business risk. Millionaires don\u2019t just invest well, they compartmentalize risk.\u201d<\/p>\n

Lean Into Your Earning Power While You Can\u00a0<\/p>\n

Even if you retire a multimillionaire, you may decide to do some consulting or some other professional work as a sort of side hustle. You can certainly earn money<\/a> this way, but retirement is not the time to be focused on earning money. You need to double down on earning money now, while you\u2019re still officially in the workforce.\u00a0<\/p>\n

\u201cEarly on, your biggest asset is your earning power,\u201d said Jake Falcon, chartered retirement planning counselor (CRPC), CEO at Falcon Wealth Advisors<\/a>. \u201cLean into it. Grow it. I can\u2019t stress this enough. Working on increasing your earnings can be a big time game changer to your financial plan.\u201d<\/p>\n

Control Lifestyle Creep\u00a0\u00a0<\/p>\n

\u201cThe fastest way to never retire a millionaire?\u201d Falcon said. \u201cUpgrade your lifestyle every time your income increases.\u201d<\/p>\n

We see this all too often: people in our circle of peers display their achievements: putting a huge downpayment down on a house, sending their kids to college fully paid, buying a new car every few years and the list goes on. You may feel that as your income increases you too should be having what others in your status stratosphere have. So as your salary goes up, so does your spending \u2014 perhaps too much. Ditch this mentality. Put extra money to work strategically.\u00a0<\/p>\n

\u201cThe wealthy middle class caps lifestyle growth and invests the raises,\u201d Falcon said. \u201cThe gap between income and spending is investable capital.\u201d<\/p>\n

Editor\u2019s note: This article is for informational purposes only and does not constitute financial advice. Investing involves risk, including the possible loss of principal. Always consider your individual circumstances and consult with a qualified financial advisor before making investment decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"Turker Minaz \/ iStock.com Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews…\n","protected":false},"author":2,"featured_media":350199,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,6271,61,60,1087,174,175,5766],"class_list":["post-350198","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-gobankingrates","tag-ie","tag-ireland","tag-money","tag-personal-finance","tag-personalfinance","tag-wealth"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/350198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=350198"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/350198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/350199"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=350198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=350198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=350198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}