Timothy Sumer

Super-saver Tanner Firl, 29, has saved close to $380,000 for retirement. He is part of the FIRE — financial independence, retire early — movement and has achieved his savings almost entirely through frugality. He estimates he is in the top 0.1% of most frugal people. Subscribe to CNBC Make It.:  About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money. Connect with CNBC Make It. Online Get the latest updates:  Find CNBC Make It. on Facebook:  Find CNBC Make It. on Twitter:  Find CNBC Make It. on Instagram:  #CNBC #CNBCMakeIt How I Saved $380K By Age 29 To Retire Early | Fired Up... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA How I Saved $380K By Age 29 To Retire Early Retirement is a dream that many people aspire to achieve, but only a few m...

When it comes to saving for the future, the more you can set aside, the better off you'll be. But just how much should you aim to have in order to set yourself up for a comfortable retirement? » Subscribe to CNBC Make It.: According to David Bach, bestselling author of "The Automatic Millionaire" and "Smart Women Finish Rich," a simple formula can help you determine how much you should have in retirement savings at every age. The formula comes from retirement-plan provider Fidelity, Bach tells CNBC Make It, and is as simple as multiplying your starting salary by a factor of "X," depending on how old you are. Here's the breakdown of Fidelity's formula: Age 30: Have the equivalent of your starting salary saved Age 35: Have two times your salary saved Age 40: Have three times your salary saved Age 45: Have four times your salary saved Age 50: Have six times your salary saved Age 55: Have seven times your salary saved Age 60: Have ...

Warren Buffett is one of the most powerful investors in the world. » Subscribe to CNBC Make It.: Today Buffett is CEO of Berkshire Hathaway, but he bought his first stock when he was just 11. And he’s been very, very good at it. Buffett is worth $82.5 billion, according to Forbes, making him the third richest person alive (behind Amazon founder Jeff Bezos and his friend and Microsoft co-founder, Bill Gates). So how does he do it? Here are five of his best bits of investing wisdom. 1. Investing is a long game “Now if they think they can dance in and out [of the market] and buy and sell stocks, they ought to head for Las Vegas. I mean, they can’t do that,” Buffett told “Squawk Box” October 2014. “But what they can do is determinate that there’s a number of solid American businesses, a great number of them, and if you own a cross section of them and particularly if you buy them over time, you basically can’t lose.” “I know what markets are going to do over a long period...

Growing your retirement fund doesn't have to be a scary proposition. » Subscribe to CNBC Make It.: How many of us have heard the advice that we need to invest in the stock market?" self-made millionaire and personal finance guru Ramit Sethi tells CNBC Make It. "The common way we think about investing is sitting in front of four [computer] monitors, watching all these words fly by — 'P/E ratios, asset allocation' — and, then we make some investment. "That's not how you invest." Instead, Sethi, who wrote the book "I Will Teach You to be Rich" and founded GrowthLab.com, a website with advice for entrepreneurs, advises looking into something called a target-date fund for retirement investing. "What you need to do is start off in a really simple way, and all you need to know is the date that you are going to retire," he says. This is how Sethi describes the process of starting a target-date fund: "The computer kno...