Savings Plan

The one thing that all 401(k) millionaires have in common, according to a Forbes' article "Nine Ways To Be A Millionaire In Retirement," it is saving at a much higher amount than others. Whatever your career path may be and whatever your earnings level is, start saving early.

While millennials often have a competing priority with paying student loan debt, it's still important to make sure some of your money is going into retirement.

Live like a college student. Even if you are making very little, you should "mind the gap" – that is, the gap between what you spend and what you earn. Make sure there is a gap and keep your expenses low. Try to live like a college student when you're earning your first salary. Maybe have Ramen noodles and hot dogs on at least some evenings.

Don't think savings is a big deal? Ask anyone who is running their own business, decided to retire early or abandoned their old job to go after their dream career. Savings was their saving grace, no pun intended.

The Fall 2014 Merrill Edge Report showed that 80 percent of millennials think about their long-term finances when they are paying bills; nonetheless, they also need to pay themselves.

A recent The Huffington Post article, titled ”4 Things I Wish I Knew About Money in my 20s,” emphasizes that the most important thing a millennial can do today to improve his or her financial future is to start saving. It's important for millennials to find a balance between paying off any debt and saving for their future goals and retirement.

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