Money Talks News: Golden rules of retiring

Money Talks News: Golden rules of retiring

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

But the truth is, there are rules anyone can follow that make retirement look and feel like a breeze.

The first golden rule is to never spend more than 90 percent of what you make. The 10 percent you save is like a bill, and it always gets paid first.

Golden rule number two is to start early.

For an example, anyone who wants to have a million dollars when they retire and are at least 25 and earns 8% just has to save $11 a day. But if you wait until you're 45, you're going to have to save $60 a day.

And remember, 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 another rule.

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.

And the last golden rule is to not 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 only some Golden rule tips. There are more at the Money Talks News website, just do a search for "Retiring Rich."

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