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A paid-off home

In the first quarter of 2024, the total American household debt was $17.69 trillion, rising by $184 billion from the previous quarter according to the Federal Reserve Bank of New York.

The more debt you’re burdened with, the more difficult it will be to pay off your home. Hence, paying off your other debts leads to paying off your home and getting one step closer to reaching a seven-figure net worth.

To make the task of debt repayment easier, consider consolidating your debts with a personal loan through Credible. Credible is an online marketplace of vetted lenders that connects you with the best loan rates near you so you can consolidate your debts and pay them off faster and at a more affordable rate.

If you don’t yet have a home, you can still invest in the housing market and take advantage of its passive income opportunities through platforms like Arrived and DLP Capital.

Through Arrived, you can invest in rental homes and vacation rentals without having to play landlord. Arrived offers a low [minimum investment(https://moneywise.com/c/1/276/1358?placement=5), making it an accessible investing option with a strong potential for collecting quarterly deposits.

REITs are another great way to invest in real estate by leveraging the housing market. They offer the chance to diversify your portfolio and earn passive income without having to pay for a property in full or manage tenants.

DLP Capital gives you easy access to REITs through their crowdfunding platform which features a number of tax-advantaged funds.

To start investing with DLP Capital, all you have to do is answer a few questions about yourself and you can start browsing REIT options to find the right fit for you.

You can also consider investing in eREITs through Fundrise if you want to enjoy this asset’s consistent income potential but take a private alternative to traditional REITs.

While REITs are publicly traded on the stock exchange and susceptible to market downturns, eREITs are cost-efficient, private investments exclusively available through Fundrise. With investments starting at $10, you can gain access to high quality residential real estate and potential dividends delivered on a quarterly basis.

Read more: ‘They are awful’: Dave Ramsey is fed up with millennials and Gen Z who he claims don't work but want to own homes — here’s what he says you need to be a ‘successful' investor

Saving for retirement

Studies show that Americans believe they’ll need to save roughly $1.8 million for retirement. This is a pretty hefty number, so getting started sooner rather than later and ensuring you’re putting your retirement fund in the most effective savings vehicle is important.

Ramsey is a proponent of using tax-advantaged retirement accounts — like IRAs — for building your retirement fund. In fact, in a blog post he proclaimed “invest[ing]15% of your income in tax-advantaged retirement accounts” as the second principle of his investing philosophy. He wrote: “You’ll get the most bang for your buck by using tax-advantaged investment accounts.”

When you open a Gold IRA with American Hartford Gold — an industry leader in precious metals — you can benefit from the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold so your retirement fund has a chance to grow amidst economic uncertainty.

If you feel unsure about the best way to save for your retirement, you can easily connect with a professional through Advisor.com.

Advisor.com is an online service that matches you with vetted financial advisors suited to your unique money goals and needs.

Simply answer a few questions about your financial situation and Advisor.com will match you with a range of qualified experts. You can reach out for a completely free consultation to ensure you find the right fit that will help you devise a plan to reach the net worth milestone of $1 million.

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Em Norton Staff Writer

Em Norton is a Staff Writer for Moneywise. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.