The goal...

The goal is $1 million to my name. I have seen similar quests debated on many a blog. How did you pick that number? That's not going to be enough to retire on!

The answer is simple. I am a firm believer that each fortune in this world was built starting with a dime. Even the lucky folks that inherit money from weathly relatives are inherting a fortune that was once built from scratch. If you're starting out with nothing, as my wife and I have, the thought of retirement is mind boggling. Investment experts tell you to contribute to your 401(k), even $50 a pay period if that's all you can afford. And THAT'S supposed to get me to retirement?? It sometimes seems daunting - but it is completely achievable.

So, without regard to whether $1 million is enough to retire on, it is still a tangible, achievable goal. Unless you're hitting 30% returns every year, it might be a long road. So I really believe you have to keep yourself psyched up to do this. Which is a better goal to chase (day after day after day...):

1. I want to save enough for retirement
2. I want to be worth One Million Dollars

I would posit that #2 is the way to go. Even if you feel like you'll need 2 or 3 million.... set a goal of $1 million and go!