Money Talks News: Golden rules of retiring rich

Money Talks News - When it comes to retiring rich, you might think it's all about luck. As in, the only way you'll retire rich is by winning the lottery.

But that's simply not the case.There are rules anyone can follow that make retirement look rich.

Golden rule number one: Never spend more than 90 percent of what you make. The 10 percent you save is like bill, and it always gets paid first.

Golden rule number two? Start early.

Anyone who wants to have a million dollars when they retire and are at least 25 and earn 8%, just needs to save save $11 a day. But if people who wait until they're 45, will have to save $60 a day.

Rule number 3: No guts, no glory. Although investing in things like stocks and real estate does involve risk, never taking risks means taking a different risk:;not retiring rich. And that leads to Rule number 4.

Take advice but take control. Investing isn't rocket science. Before you invest in stocks, real estate, or anything else, invest some time and learn about these things.

For example, Dwight Matlack chose real estate to invest in

"It's enabled me to buy a bowling center. It's enabled me to buy a house on the beach and I have some other very good investments in real estate as well," Matlack said.

And Golden Rule number 5? Don't follow the crowd. In other words, maybe you should be buying when other people are selling. For example, buying stocks in 2009. Buying houses in 2011.

Those are five of the Golden Rules of Retiring Rich, but that's really only half the story. There are five more rules to learn at the Money Talk News website . Just do a search for "Retiring Rich."

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