Rule 10: Maximize your income potential
Finally, if you want to retire rich, you need to maximize your earnings. That means no more settling for a dead-end job that pays pennies.
Look for ways to increase your income, which can, in turn, increase the amount of money you are saving for retirement. Consider these options:
- Does your current field offer some form of credentialing that could increase your opportunities for a raise or a transfer to a higher-paying position?
- Is there someone in your workplace who could serve as a mentor and help advance your career?
- Are you eligible for one of the government-funded workforce development training programs?
- Did you start a college program and never finish it? Will those credits transfer?
- Could you use an online degree program or vocational classes through a community college to earn a degree or upgrade your skills?
Regardless of which option you choose, don’t fall into the student loan trap. If you do decide to go back to school, look for ways to make college affordable and try to pay as you go rather than going into debt.
Retiring rich may sound like something reserved for the one-percenters, but by making these smart money moves, you too can have plenty of cash to carry you through your golden years.
This article was originally published on MoneyTalksNews.com as 'The 10 Golden Rules of Retiring Rich'.
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