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From Broke Grad to Multimillionaire
9 Ways to Get There Faster An Excerpt from Automatic Wealth for Grads ... and Anyone Else Just Starting Out
Increase Your Rate of Saving as Your Income IncreasesIn other words, instead of sticking with saving 15 percent of your income throughout your career, you could bump your saving rate up as your income goes up. "Be careful, though," Masterson says. "You can't do this too aggressively. Nor can you do it forever." 
Invest in Real EstateNext to owning your own business, investing in real estate gives you the highest potential return on investment (ROI). "As a recent graduate (or young person), real estate offers you a tremendous opportunity,"Masterson says. "That's because you don't need a lot of money to get started and you can use your youth (the many years you have to let your investments appreciate) to work in your favor." Consider the numbers. In a typical leveraged (mortgaged) real estate deal, you would invest $20,000 to buy a $100,000 property. If that property appreciates 4 percent (or $4,000), the ROI you achieve is not 4 percent but 20 percent because of the leverage ($4,000 is 20 percent of $20,000). However, "[w]ith our current economic situation, now is not the best time to invest in real estate," Masterson says. "The time will be right when prices start to come down." Become a "Chicken Entrepreneur"No, this doesn't mean you have to work on a farm, and (unfortunately) there is no funky dance involved. It simply means that you start your own business on the side while keeping your job with another company. "I favor this approach because it allows you to extend your wealth and business experience, while working under a safety net in case things don't work out," Masterson says.
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Invest in Real Estate