If your income keeps pace with inflation and you save 20 percent of your income for 40 years you will have enough to live on for the next 30 years. If you only plan to save for 30 years you need to save more than 20 Percent.
Notice how most of your retirement account growth comes not from the income earning but from the additional savings added (for most people this lasts for decades). That goes to show you that chasing the latest fad in investments is not what gets you to financial freedom but rather saving a portion of your income. Always live beneath your means.
The Secret Weapon for Bestselling Books: How Proofreading Powers Sales
-
*Note: I did not write or edit the following content. It was a difficult
decision, but as a one-person business, It's essential that I focus on the
core ...
2 months ago
1 comment:
I think it is even more important to begin saving earlier than to save for a longer amount of time. Of course, that is only true with compound interest.
http://www.daveramsey.com/article/how-teens-can-become-millionaires/lifeandmoney_kidsandmoney/
Post a Comment