Rule 2: Start saving early (http://finance.yahoo.com/news/10-golden-rules-retiring-rich-160040271.html)
"Thanks to the power of compounding interest,
a little money saved now can go a long way at retirement time. But to
get the most benefit, you’ll want to start saving as early as possible.
Let’s
say you’re 20 years old and can manage to put away only $100 a month
into your retirement fund. Assuming you average 8 percent returns,
you’ll be closing in on having half a million dollars – $463,806 to be
exact – by age 65. Even better, over that 45-year period, you’ll only
have invested $54,000 of your money to get all that cash in return.
If
you wait until you’re 40 to start saving $100 a month, you’ll put in
$30,000 of your money and get $87,727 in return by age 65. Not bad, but
wouldn’t you rather have half a million?"
While we agree savings is important and savings can lead to wealth we disagree on that happening via a retirement account. Nevertheless, we will allow you to be the judge of that yourself, however, a good book to read is 401kaos. Many people have lost a lot of money due to their retirement accounts. We are not recommending you don't plan for retirement we are recommending you seriously consider a self directed retirement account.
One thing we've learned from the wealthy is to always be in control of your own money!
Now if savings $100/month seems like a lot, $100/month times 12 months equals a savings of $1,200 per year or invested in this case. Well you can save $1 x the # of the week in the year and at the end of the year end up contributing $1,378 to your retirement fund. It doesn't seem that cumbersome now does it?
We also recommend saving CASH to INVEST IN ASSETS, gold/gems/oil.
Peace, Love, Joy, Abundance, Health, Happiness, Success, and Vitality, Namaste!
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