Millionaire Maker: What Does it Take to Become a Millionaire?

Robert Bonavito New Jersey Forensic Accountant

I realize that there are many people giving you investment advice such as Jim Cramer, Cathy Wood, Warren Buffett, and Dave Ramsey. They are all well-meaning but 98% of what investment gurus are telling you about finance and investment is incorrect.

The reason I can say this is because I do not make any money from investments, financial advice or investment books; I am just a forensic accountant.

The only book I ever recommend on investments is a pamphlet that is free on the internet called “If You Can” by William J. Bernstein. This pamphlet covers most of what you need to know in 16 short pages. It discusses budgeting, basic finance, stock market history, risk and monsters in the financial industry.

Here is the simple advice you need to become wealthy: I have seen it happen many times over my 40-year career as a forensic accountant.

Four things you need to do:

1. Tax efficient vehicle
2. Low-cost investments
3. Dollar cost average
4. Earn a market rate of return

Here is an example of how the system would work:

Tax Efficient Vehicle Roth IRA

https://investor.vanguard.com/accounts-plans/iras/roth-ira?WT.srch=1&cmpgn=PS:RE&gclid=CjwKCAiAl-6PBhBCEiwAc2GOVIORy7w-D5ij3JVmbTJgjT7TAC4ZnW7YNVmmDGIEH6sZOp5rozZiCRoCQ1cQAvD_BwE&gclsrc=aw.ds

Low Cost Investments

https://investor.vanguard.com/investment-products/mutual-funds?WT.srch=1&cmpgn=PS:RE&gclid=CjwKCAiAl-6PBhBCEiwAc2GOVN04R0-mKwdL33k1XScsMTxeNbZatoGzzxE4f7rQ8JTSeDrsENTBqBoCeMYQAvD_BwE&gclsrc=aw.ds

Dollar Cost Average

Earn A Market Rate of Return