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If you think having a high net worth is a far-fetched dream, you’re certainly not alone. In fact, a great majority of U.S. adults (74%) don’t think they’ll ever become a high-net-worth individual themselves — defined as having at least $1 million in investable, or liquid, assets — according to a recent Morning Consult survey commissioned by digital wealth management company Personal Capital. But becoming a high-net-worth individual over the course of your lifetime involves more than making a good salary or having multiple income streams. Retirement investing — something we all have access to — actually plays a major role in many millionaires’ portfolios: For the high-net-worth individuals who use the Personal Capital dashboard, retirement accounts such as 401(k) plans and IRAs contributed 55% of their overall wealth. “That’s something I think high-net-worth investors have figured out,” Michelle Brownstein, a certified financial planner and vice president of Personal Capital Private Client Group working with high-net-worth clients, tells Select. “The strategies needed to get rich are different from the ones required to stay rich and eventually earn on your money.”
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Prioritize maxing out your retirement accounts
Fidelity Investments Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Fidelity Go account, but minimum $10 balance for robo-advisor to start investing. Minimum $25,000 balance for Fidelity Personalized Planning & Advice
Fees Fees may vary depending on the investment vehicle selected. Zero commission fees for stock, ETF, options trades and some mutual funds; zero transaction fees for over 3,400 mutual funds; $0.65 per options contract. Fidelity Go is free for balances under $10,000 (after, $3 per month for balances between $10,000 and $49,999; 0.35% for balances over $50,000). Fidelity Personalized Planning & Advice has a 0.50% advisory fee
Bonus Limited-time $100 offer when open and fund an eligible account with promo code FIDELITY100
Investment vehicles Robo-advisor: Fidelity Go® and Fidelity ® Personalized Planning & Advice IRA: Fidelity Investments Traditional, Roth and Rollover IRAs Brokerage and trading: Fidelity Investments Trading Other: Fidelity Investments 529 College Savings; Fidelity HSA ®
Investment options Stocks, bonds, ETFs, mutual funds, CDs, options and fractional shares
Educational resources Extensive tools and industry-leading, in-depth research from 20-plus independent providers Terms apply.
Betterment Learn More On Betterment’s secure site Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. For Betterment Digital Investing, $0 minimum balance; Premium Investing requires a $100,000 minimum balance
Fees Fees may vary depending on the investment vehicle selected. For Betterment Digital Investing, 0.25% of your fund balance as an annual account fee; Premium Investing has a 0.40% annual fee
Bonus Up to one year of free management service with a qualifying deposit within 45 days of signup. Valid only for new individual investment accounts with Betterment LLC
Investment vehicles Robo-advisor: Betterment Digital Investing IRA: Betterment Traditional, Roth and SEP IRAs 401(k): Betterment 401(k) for employers
Investment options Stocks, bonds, ETFs and cash
Educational resources Betterment RetireGuide™ helps users plan for retirement Terms apply.
Personal Capital Learn More On Personal Capital’s secure site Cost App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)
Standout features A budgeting app and investment tool that tracks both your spending and your wealth
Categorizes your expenses Yes, but users can modify
Links to accounts Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features Data encryption, fraud protection and strong user authentication Terms apply.
Mint Learn More Information about Mint has been collected independently by Select and has not been reviewed or provided by Mint prior to publication. Cost Free
Standout features Shows income, expenses, savings goals, credit score, investments, net worth
Categorizes your expenses Yes, but users can modify
Links to accounts Yes, bank and credit cards
Availability Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features Verisign scanning, multi-factor authentication and Touch ID mobile access Terms apply.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.