Tag: Retire

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Palm Beach’s longtime finance director to retire next month after 23 years

Palm Beach’s longtime finance director to retire next month after 23 years
Palm Beach’s longtime finance director to retire next month after 23 years

Following serving the city for much more than two many years as its finance director, Jane Le Clainche will step absent from that position upcoming thirty day period.

A Michigan indigenous who invested 10 many years as the comptroller and collection director for the town of Kankakee, Illinois, Le Clainche was hired by the city in 1999 right after she saw a submitting in a skilled publication for the situation of finance director in Palm Seashore and applied for the job. 

Le Clainche had put in winters in Palm Seashore County as a baby, and she longed to return to the hotter weather, she explained. She also desired to consider a little something diverse with her vocation.

“I got tired of what I was accomplishing,” she claimed. “I preferred to get out of there. I was reading through the Authorities Finance Officers Association newsletter, and the position was posted. I determined which is what I wished. I applied, and I obtained the job. I have been below ever because.”

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Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties

Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties

A range of finance chiefs at some of the country’s major corporations have remaining their positions in current months, an exodus that comes amid the pressures that superior inflation and the Covid-19 pandemic have had on company balance sheets and the financial outlook.

Slide is often a period of time of heightened CFO turnover, for the reason that this is when organizations tend to start queries to deliver in new finance executives for the early component of the upcoming year, recruiters mentioned. This time all-around, nevertheless, recruiters are looking at more churn than usual amongst finance executives, which they hope to proceed through the finish of the calendar year.

September, for instance, noticed the greatest selection of regular monthly departures at providers in the S&P 500 considering the fact that the beginning of the year, accounting for roughly 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the 71 CFO exits by means of the 3rd quarter, according to Russell Reynolds Associates, an govt research firm. This compares with 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September 2021 and 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the similar thirty day period in 2020, Russell Reynolds said.

As the third-quarter earnings period ramps up, economists and executives are viewing a superior likelihood of economic downturn in the coming months. That is pushing some executives to make a move now in advance of the labor marketplace changes, recruiters stated. It is also primary some businesses to get ready for a possible downturn by on the lookout for CFOs with experience in chopping expenditures or restructuring functions, they additional.

Joel von Ranson,

who prospects the world functional tactics at recruitment organization Spencer Stuart, which involves the money officers group, claimed corporations are progressively browsing for CFOs with working experience in cost administration and balance-sheet refinancing as they battle for visibility on the course of the economy. He expects these abilities, which took on bigger worth in the 3rd quarter, to remain top rated priorities for enterprises as they employ new finance leaders.

Retailer

Nordstrom Inc.,

oil-discipline-expert services organization

Baker Hughes Co.

and electronic fiscal-providers firm

Ally Economical Inc.

were being between the organizations that in the span of a 7 days just lately said their CFOs would depart.

Detroit-based Ally Fiscal very last Tuesday said CFO

Jennifer LaClair

was leaving straight away, just a working day in advance of it posted its third straight quarter of declining gains with effects that missed analysts’ estimates for modified earnings per share and income.

Ms. LaClair and the organization agreed to terminate her employment right after practically five yrs in the role, in accordance to a filing with regulators. Terminating an government will allow providers to shell out the man or woman a severance bundle, contrary to when an govt resigns or is fired for bring about, claimed

Steve Flores,

a spouse at legislation company Winston & Strawn LLP.

Ms. LaClair will continue to be as a senior operating adviser with the company right up until early March and continue on to receive her $750,000 foundation salary right until then. She stays qualified for her 2022 discretionary money and equity-based incentive-payment awards. Chief Govt

Jeffrey Brown

reported on a modern get in touch with with analysts that Ms. LaClair was searching forward to pursuing her subsequent chapter.

Ally Fiscal declined to remark on what her plans are. Ms. LaClair didn’t immediately respond to a ask for for remark.

“We’ve noticed where by there is been pressure to execute,” said

Alyse Bodine,

a associate at recruiting firm

Heidrick & Struggles Intercontinental Inc.

“And if the correct leadership workforce is not in place to guide the business, then undoubtedly we’re seeing a turnover in critical management roles and new management coming in to guideline the corporation.”

Anne Bramman, departing CFO of Nordstrom.



Photograph:

Nordstrom

Nordstrom, meanwhile, previous Monday explained finance main

Anne Bramman

will depart in December immediately after a lot more than 5 several years in the part. The Seattle-centered retailer in recent quarters has been battling pressures this kind of as weakening purchaser investing among shoppers at its Nordstrom Rack discounted chain and higher inventory concentrations. In August, Nordstrom lowered its annual outlook, stating it envisioned modified earnings per share of among $2.30 to $2.60 for the 12 months, down from a assortment of $3.20 to $3.50.

Ms. Bramman decided to go away to pursue the next section of her profession, Nordstrom said. The company, which hasn’t claimed 3rd-quarter results still, reaffirmed its economic outlook with the CFO adjust announcement. Ms. Bramman declined to remark.

Final Wednesday, Baker Hughes declared that CFO

Brian Worrell

is established to phase down as the Houston-based company seems to minimize $150 million in prices and elevate income by means of a reorganization announced last thirty day period. Mr. Worrell will go into a strategic advisory position on Nov. 2 and leave Baker Hughes in the 2nd quarter of upcoming yr.

Nancy Buese,

the CFO of gold producer

Newmont Corp.

, is set to do well him future thirty day period.

The changeover was not a reflection of the company’s funds or earnings general performance, a business spokesman stated, it was as an alternative pushed by the CFO succession approach and the need for the ideal finance chief for the company’s transformation. Mr. Worrell did not promptly answer to a request for comment.

General, CFO turnover in the very first 3 quarters of the year stands at 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, in contrast with 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the duration of the very same period in 2021 and 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2020, according to Russell Reynolds. The slight downturn arrives after a recruitment boom final year that followed the early days of the pandemic during which providers requested their CFOs to remain on and assist regulate the impact of the health disaster, recruiters claimed.

Meanwhile, CFOs in the early section of the yr had been additional cautious about change for the reason that of the uncertainties, reported Spencer Stuart’s Mr. von Ranson. “That produced some pent-up desire for adjust that we’re looking at stream via,” he explained.

Aside from departing for another part, CFOs are significantly retiring. This yr as a result of the 3rd quarter, retirements—meaning executives possibly leaving the workforce completely or going exclusively to board roles—accounted for 52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of CFO departures at companies in the S&P 500, according to Russell Reynolds. This compares with 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} all through the very same period last calendar year and 47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2020 and is the highest retirement charge throughout the exact a few-quarter interval in the earlier three several years, the government look for agency mentioned.

Some CFOs came out of the pandemic searching for their following act, regardless of whether that is to be a part of a board, grow to be a main executive officer, do the job as a private-equity functioning associate or become an angel investor, stated

Jenna Fisher,

co-head of Russell Reynolds’ world-wide monetary officers follow. That craze is continuing, with the slowing economic climate forcing finance chiefs into wondering about their future steps, she claimed.

“Once CFOs experienced gotten as a result of the first sizeable tranche of the pandemic, there were a good deal of people today who just reported, ‘You know what, I’ve hit my range, this occupation isn’t enjoyment any longer,’” Ms. Fisher reported. “And that has continued.”

—Kristin Broughton contributed to this post.

Write to Jennifer Williams-Alvarez at jennifer.williams-alvarez@wsj.com

Copyright ©2022 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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How to Retire With $2 Million on an $80,000 Salary | Business News

How to Retire With Million on an ,000 Salary | Business News

If you know of local business openings or closings, please notify us here.

PREVIOUS OPENINGS AND CLOSINGS

· Air Products and Chemicals Inc.’s chosen warehouse developer, Prologis Inc., will have to wait until July 13 for a final decision by Upper Macungie Township’s zoning hearing board on 2.61 million square feet of warehouses. 

· Chubby’s of Southside Easton has added Krispy Krunchy Chicken to its offerings and name.

· Curaleaf Holdings Inc., which operates in the U.S. and Europe, will open a medical-marijuana dispensary at 1801 Airport Road, Hanover Township.

· Habitat for Humanity, which has “ReStores” that sell new and lightly used furniture, has leased 30,000 square feet at the South Mall.

· Nat Hyman’s bid to convert an old warehouse at 938 Washington St. in Allentown into 48 apartments did not win zoning hearing board approval this week after neighbors said more housing would make an on-street parking shortage worse.

· Members 1st Federal Credit Union opened a new branch this week at 5605 Hamilton Blvd, Trexlertown. It’s one of five planned for the Lehigh Valley. 

· A Turkish restaurant has relocated from one downtown to another, taking its fresh ingredients and cozy atmosphere from Nazareth to 200 Main St., Tatamy.

· The Tennessee Titans have chosen Allentown-based Shift4 Payments to handle payments at Nissan Stadium.

· Wells Fargo Bank held ribbon-cutting at its downtown Allentown branch at 740 Hamilton St.

· The Wiz Kidz outlet at the Madison Farms residential/retail development in Bethlehem Township will hold a grand reopening and ribbon-cutting at noon on July 15.

· Bad Biscuit Company, which offered breakfast with scratch-made biscuits, freshly baked pastry and local, small-batch artisan coffee, said it will cease operations at 16 Columbia Ave. in Reading after its July 1 hours.

· FastBridge Fiber has announced it will build an all-fiber cable network that will offer ultra-fast internet in the Reading area.

· Hamid Chaudhry has said he no longer plans to move forward with pursuing a food truck park he previously proposed on the site of the former Sheetz convenience store and gas station in Exeter Township at 6600 Perkiomen Ave. (Route 422 East). 

· The Maxatawny Township Planning Commission has OK’d a proposal for a Mavis Discount Tire store in the Kutztown Road shopping center that features a Giant supermarket.

· Valentino’s Italian restaurant has gotten Maxatawny Township’s approval to remain open when the state transportation department takes one-third of its parking lot to build a traffic roundabout at the intersection of Route 222 and Long Lane.

· Pocono Mountain Harley-Davidson, under new ownership, will hold a “Grand Re-Opening Bash” July 9 and July 10 from 10 a.m. to 5 p.m. 

· Sauce West End plans to open in a former Rita’s Italian Ice, just off Route 209 across from the Tractor Supply store in Brodheadsville.

· The Surgery Center of Pottsville, which offered medical procedure services for 16 years in Cressona Mall. will close June 28.

· Wells Fargo has closed its branch office in Langhorne, near the intersection with Maple Avenue.

· The latest PrimoHoagies location in New Jersey held a grand opening at 1930 State Route 57, Hackettstown.

· A new Tractor Supply Co. store in Warren County will have its grand opening in the former Toys ‘R’ Us store in Pohatcong Plaza on July 9.

· Hunter Pocono Peterbilt plans to move Pocono Township operations to Stroudsburg.

· Coal Winery and Kitchen at 81 Broad St., Bethlehem, has closed as its owner searches for a new location for the business, according to its Facebook page. 

· Lowhill Township supervisors approved a 312,120-square-foot commercial warehouse and distribution center on a 43.4-acre tract on the west side of Route 100, south of the Kernsville Road intersection.

· The Mint Gastropub at 1223 W. Broad St., Bethlehem, announced that it has temporarily closed to undergo a merger with a “well-known restaurant group” from Bethlehem.

· The Slatington Farmers Market opened its 28,000-square-foot showroom, which includes space for 53 vendors, as well as a 4,000-square-foot event space.

· St. Luke’s University Health Network opened a new pediatric inpatient unit next to the eight-bed pediatric intensive care unit at St. Luke’s University Hospital – Bethlehem.

· 25th Asian House opened at the location of the former Tin Tin Chinese restaurant in the 25th Street Shopping Center in Palmer Township.

· The Chick-Fil-A in Broadcasting Square shopping center in Spring Township was razed to make way for a new, expanded facility for the popular chicken sandwich restaurant.

· Plans for drive-thru locations of a Chipotle and a Starbucks at the intersection of Ivy League Drive and Kutztown Road were rejected by Maxatawny Township planners.

· Cumru Township plannes reviewed preliminary plans for NorthPoint-Morgantown Commerce Center, a 738,720-square-foot warehouse to be built on 75.2 acres at Morgantown Road (State Route 10) and Freemansville Road.

· Kutztown University has plans to expand its historic Poplar House to 13,161 square feet with an addition around its side and back, but keep the 129-year-old structure intact.

· A wine store and beverage outlet could be coming to a new two-unit building along the commercial strip of Blakeslee Boulevard Drive East in Lehighton, Carbon County.

· ChristianaCare, a Delaware health care organization, has announced it will buy the former Jennersville Hospital in West Grove, Chester County.

· Garden of Health Inc. celebrated the opening of the food bank’s new warehouse at 201 Church Road, North Wales, in Montgomery County.

· Silverline Trailers Inc. opened its first location in Pennsylvania and in the Northeast at 223 Porter Road, Pottstown, where it sells utility, cargo, dump, equipment and car hauler trailers. 

· A new smoothie and bowl restaurant, Sips & Berries, opened at 285 Maple Ave., Harleysville, in Montgomery County.

· Terrain on the Parkway offers 160 new 1-, 2- and 3-bedroom apartments at 1625 Lehigh Parkway East in Allentown. 

· Lehigh Valley native Don Wenner is moving his real estate investment and finance firm DLP Capital from Bethlehem to Allentown at 835 W. Hamilton St.

· While Wells Fargo has been the leader in closing banks lately, it will hold a ribbon-cutting for its new downtown Allentown office at 740 Hamilton St. on June 30.

· If you’re in the market for sterling silver jewelry, minerals and semi-precious gemstones, C& I Minerals is now operating at the South Mall at 3300 Lehigh St. in Allentown.

· The Allentown-based utility company PPL Corp. bought a major Rhode Island utility.

· Ownership at Martellucci’s Pizzeria in Bethlehem has changed, but Paul and Donna Hlavinka and their family are running the pizza place at 1419 Easton Ave., just as it has been operated for 49 years. 

· Dr. Jacob Kasprenski’s new Kasprenski Family Eye Care opened at 1088 Howertown Road, Catasauqua.

· Josie’s New York Deli in downtown Easton closed early in the COVID-19 pandemic, but a June 13 Historic District Commission meeting approved a request for a new sign at its building at 14 Centre Square. 

· Zekraft cafe has opened its second location in the Easton Silk Mill in Easton. The first Zekraft restaurant was opened in Bethlehem. The restaurants’ menus change frequently, with a focus on local ingredients. 

· Manta Massage at 319 Main St., Emmaus, will hold its grand opening on July 10 starting at 11 a.m. 

· The former Iron Lakes Country Club, constructed in the late 1950s and early 1960s, will operate at 3625 Shankweiler Road in North Whitehall Township under its new name, The Club at Twin Lakes. 

· Prologis, a titan in the logistics industry, will own and operate three warehouses proposed in Upper Macungie Township at the former Air Products headquarters campus at 7201 Hamilton Blvd. 

· Lehigh Valley Health Network ceremonially opened its first Carbon County hospital — a $78 million, 100,578-square-foot facility at 2128 Blakeslee Boulevard Drive East in Mahoning Township.

· Pocono Township commissioners voted to accept Swiftwater Solar’s preliminary final plan for the $111 million, 80-megawatt field on a private 644-acre site on top of Bear Mountain that would include about 200,000 solar panels.

· Firetree Ltd. wants to expand its in-patient rehab operation at the former Sands Ford auto dealership at 440 N Claude A Lord Blvd. (Route 61), Pottsville.

· A Dunkin’ in Schuylkill County located at 400 Terry Rich Blvd., St. Clair, has become just the fourth location of the donut and coffee chain to go entirely digital. 

· The Conservatory music school in Bucks County will close after 34 years, and school officials say the COVID-19 pandemic is the cause. The nonprofit, located at 4059 Skyron Drive, Doylestown, will close June 30.

· A Popeyes Louisiana Kitchen and Arby’s will be built on the site of the former Ahart’s Market on Route 22 in Phillipsburg, New Jersey.

· Hunterdon County Chamber of Commerce offices and the Unity Bank Center for Business & Entrepreneurship will be located at 119 Main St., Flemington. 

· Honeygrow opens Quakertown location, next to Chipotle on Route 309, on June 3.

· Dunkin’ reopens remodeled restaurant at 1174 MacArthur Road in Whitehall Township

· Muse Modern Med Spa at 325 Fifth St. in Whitehall Township  will hold a grand opening June 4.

· Around Again, a consignment store, opened at 154 S. Main St., Phillipsburg

· Steak and Steel Hibachi, a restaurant in the works at 44 W. Walnut St., Bethlehem, still plans on opening late this summer. 

· Take It Outdoors Recreation Hub has moved to a spot along the Schuylkill River Trail at Riverfront Park in Pottstown, Montgomery County

· Pedego Electric Bikes has a new outlet in Lambertville, N.J. at 13 N. Union St.

· Amanda Vachris has opened a new Keller Williams Real Estate office at 15 St. John St. in Schuylkill Haven.

· Easton’s new West Ward Market will open Wednesday and be open on Wednesday’s through the summer from 3 p.m. to 7 p.m. The market, created by the Greater Easton Development Partnership, will sell fresh produce on 12th Street, next to Paxinosa Elementary School.

· Ciao Sandwich Shoppe is adding a second location, this time on College Hill in Easton. Ciao plans to open at 325 Cattell St. in late summer. Ciao already operates in downtown Easton at 12 N. Third St

· Ma’s Crepes and Cakes will hold a grand opening and ribbon-cutting June 16 at 46 W. Broadway, Jim Thorpe. The celebration starts at 5 p.m., with the ribbon cutting at 5:45 p.m. 

· Bethlehem’s Back Door Bakeshop will reopen as a wholesale operation at 7 E. Church St. in the city’s historic district. The business was open for nine years as a retail outlet at Broad and Center streets, before announcing in March that it would close the storefront April 3 and “go back to its origins as a wholesale business.”

·The Beef Baron on Catasauqua Road in Bethlehem is closed indefinitely for renovations

· The Brothers That Just Do Gutters are opening a new location in Allentown at 1302 N. 18th St.

· St. John Chrysostom Academy, an Orthodox school serving grades 1-9 starting this fall, held a grand opening at its St. Francis Center, Bethlehem, campus.

· Easton Commons, a shopping center anchored by Giant Foods at 2920 Easton Ave., Bethlehem Township, has a new name: The Shops at Bethlehem.

· Carbon County is getting a taste of Brazil at Uai Brasil BBQ at 315 Lehigh Ave. in Palmerton.

· The Keystone Pub in Bethlehem Township, at 3259 Easton Avenue, has reopened after a lengthy and expensive renovation. 

· The Trading Post Depot opened at 401 Northampton St., Easton. The rustic furniture store makes custom tables for dining rooms, desktops, conference centers and more.

· The Easton area has a new gym: Homemade Fitness at 444 Cedarville Road in Williams Township.

· Il Gaetano Ristorante opened at its 665 Columbus Ave., Phillipsburg, location. 

· Ciao! Sandwich Shoppe to open second location on College Hill in Easton, replacing The Kettle Room

· Rene and Grisellies Benique have opened Ezekiel 47 Cafe at 10 S. Fifth Ave., off Fifth and Penn avenues, in West Reading. 

· Alter Ego Salon and Day Spa in Emmaus is holding a grand opening Sunday, May 22, from 11 a.m. to 3 p.m., with a ribbon cutting at noon. 

· Origen Latin Fusion has opened at the site of the former Tomcat Cafe in Sinking Spring, Berks County. 

· Sellersville Senior Residences will hold a ribbon-cutting ceremony May 24. The Bucks County affordable-housing community for adults 55 and older has 50 apartments, with eight allocated for people with behavioral health needs.

· The House and Barn in Emmaus has opened its Shed outdoor dining and cigar bar area. The House and Barn is at 1449 Chestnut St. in Emmaus.

· Realtor Amanda Vachris and the Schuylkill Chamber of Commerce will hold a ribbon cutting at Vachris’s new Keller Williams Real Estate office at 15 St. John St., Schuylkill Haven, at 4 p.m. on May 24.

· Il Gaetano Ristorante will hold a grand opening on Friday, May 20, at 5:30 p.m. The 665 Columbus Ave., Phillipsburg.

· First Commonwealth Federal Credit Union will hold a grand opening at its new headquarters in Trexlertown, 6126 Hamilton Blvd., on May 18.

· Vinyl Press Signs & Graphics has relocated within Emmaus. The new site is 15 S. Second St., not far from the former Sixth Street location.

· Pedro’s Cafe in Emmaus to close

· SV Sports (formerly Schuylkill Valley Sports) to close Quakertown location

· Flemington DIY will host a Grand Re-Opening on May 14 at 26 Stangl Road, Flemington. The celebration will kick off at 10 a.m. 

· Elpedio’s Ristorante at Seipsville opened at 2912 Old Nazareth Road in Easton. The restaurant is open Wednesday through Sunday.

· Uai Brazil opened at 315 Lehigh Ave, Palmerton, offering both a seated or buffet option. 

· Colombian Mex Restaurant opened at 107 E Union Blvd in Bethlehem, offering traditional Colombian cuisine. 

· Precision Ink opened at 161 W Berwick St. in Easton. 

· King Wing opened a location in Bethlehem at 129 E. Third St., serving wings and sandwiches.  

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Can You Retire a Millionaire With ETFs Alone? | Personal Finance

Can You Retire a Millionaire With ETFs Alone? | Personal Finance

Can you retire a millionaire with ETFs alone? The simple answer is yes, you can. Here’s how.

You don’t have to beat the market

It’s a common belief that investors get rich by picking individual stocks and beating the market. While that can be true, stock picking isn’t the only path for investors to build wealth. Funds — ETFs in particular — can also make you a millionaire, even though many of them never beat the market.

In truth, the broader market provides enough growth potential to build a seven-figure retirement fund. Follow the four rules below to harness that market power and achieve your wealth goals without having to pick a single stock.

People are also reading…

Image source: Getty Images.

1. Choose efficiency

Funds have administrative expenses that they pass along to shareholders. Those expenses dilute the returns of the underlying stock portfolio. If you choose cost-efficient funds, a greater portion of the ETF’s earnings flow through to your bottom line.

Expense ratio is the metric you’ll use to compare funds on cost efficiency. You’ll see this number presented as a percentage that’s some fraction of 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, say 0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. A 0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expense ratio equates to expenses of $10 for every $10,000 you have invested.

Some index ETFs have expense ratios that are close to zero. iShares Core S&P 500 ETF and Vanguard S&P 500 ETF, for example, both have expense ratios of 0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

If your 401(k) doesn’t offer low-cost ETFs, ask your administrator if your account has a brokerage window. Or, invest in these funds in an IRA or taxable brokerage account instead.

2. Plan your asset allocation

Asset allocation is the composition of your portfolio across different asset classes, like stocks and bonds. Stocks deliver growth, with some risk, while bonds provide stability. You can mix and match the two to tailor your portfolio’s risk and reward characteristics.

Since you’re targeting millionaire status by retirement, you’ll want a higher percentage of stock ETFs versus bond ETFs. If retirement is still decades away and you can handle some volatility, you could hold up to 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stock funds. Start with a lower percentage if retirement is within 15 years or if stock market volatility makes you nervous.

3. Invest generously and consistently

To amass seven figures with ETFs, you must invest generously and consistently — for decades. The numbers in the table show monthly contributions required to get to $1 million on different timelines. Note that the monthly contributions could include your employer match.

Monthly Contribution

Timeline

Ending Balance

$2,265

20

$1 million

$1,518

25

$1 million

$1,054

30

$1 million

$748

35

$1 million

$538

40

$1 million

Data source: Author calculations via Investor.gov.

All scenarios assume average annual growth of 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which is a bit less than the stock market’s long-term average after inflation. That growth rate should be attainable over 20-plus years in a retirement portfolio that’s heavy on stock ETFs.

You can see that the monthly contribution gets unmanageable if you wait too long to start investing. That’s your cue to kick this plan off today. Even if you’re 30 years out from retirement and you can’t afford to contribute $1,000 monthly, invest whatever you can today. You can raise your contribution later as your income increases.

4. Don’t time the market

Whatever happens with the stock market, commit to staying invested and continuing your contributions. If you start pulling back on contributions or selling to avoid losses, you may never hit that million-dollar target.

It may sound counterintuitive, but selling to avoid losses usually lowers your returns. For example, the market drops, so you sell at a lower share price to stop the bleeding. You then wait until the market has stabilized to reinvest. At that point, you buy back your shares at higher prices than when you sold them for. Selling low and buying high creates a loss, which reduces your long-term returns.

If you stay invested when the market goes sideways, you don’t have to worry about when to reinvest. You also remain well positioned to benefit when the market recovers.

Seven figures via ETFs

You can retire a millionaire with ETFs. The strategy is to ride the market’s long-term growth trend. For that to work, you must choose low-cost funds, be strategic about your asset allocation, and invest consistently over time — without getting spooked by market fluctuations.

ETF investing isn’t the sexiest way to get rich, but who cares? Retiring a millionaire is sexy on its own, no matter how you get there.

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Catherine Brock owns Vanguard S&P 500 ETF. The Motley Fool owns and recommends Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.