Savings account customers told how to make millions

A recent article in Courier Mail has explored how those looking to compare savings accounts can make their first million.

It suggests one of the most important steps is setting financial goals that are achievable and progressive.

Savings account customers are told to look at their current state of affairs and judge how healthy their finances are, taking into consideration anything owed on credit cards, home loans or any other form of lending.

Investors’ advocate Angelo Mena explained to the newspaper it is important to write down goals and make them attainable.

He suggested using the SMART – specific, measurable, achievable, realistic and timed – method to ensure the target is sensible, adding if this criteria is not matched then the aims are unlikely to be achieved.

"I see a lot of people who approach real estate investing like hitting a home run," Mr Mena explained. "They belt the ball so hard and think, with one deal, they will be rich for life."

The article explained making your first million usually takes over a decade, although those who are savvy can manage it sooner.

In other news, those looking to compare home loans may be interested to hear Commonwealth Bank has increased its fixed-rate mortgage price.

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