Do you know how much money they will need to be able to live comfortably in retirement? If not, you’re not alone, according to an article titled “The New Retirement Model” by John Mauldin discussing the results of research by Merrill Lynch. In the article John mentions that:
“There are no secret investing techniques that will make you wealthy. The not-so-secret answer is to save as much as you can and compound it as safely as you can over time, and start when you are young…….Investing is about managing your assets in such a way as to have them grow and compound. That implies you have assets to begin with. This means that saving is more important than investing in the process of accumulating wealth.”
John goes on to mention a book by Michael Masterson called “Automatic Wealth – the Six Steps to Financial Independence
- A. Wealthy people work hard.
- B. Wealthy people are good at what they do.
- C. Wealthy people have multiple streams of income.
- D. Wealthy people live in (relatively) inexpensive homes.
- E. Wealthy people are moderate in spending.
- F. Wealthy people are extraordinary at saving.
- G. Wealthy people pay themselves first.
- H. Wealthy people count their money.
Micheal, in the book, goes on to say that,
“statistics show us that it is more likely you will achieve wealth by owning your own business, investing in small businesses and/or real estate.”
Something to think about!
Technorati Tags: Finance, Wealth, Business, Personal Leadership, GTD, Lifehack, Investing, Book
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