You’ve read the blogs … you’ve bought the books … you’ve talked to your financial advisor (your wife).
You’re putting some aside in your 401k (with some employer match) and you have a little change going into the cookie jar next to your bed.
You’re already doing two-and-a-half times better than what CBS News calls ‘most people who only save 4% of their salary”.
… it won’t make you rich!
It will stop you from being poor and may even fund a retirement if you start early enough and are willing to take a 30% pay cut.
The problem is, you can’t just save yourself to the retirement of your dreams on the average salary … you have to at least earn more and save most of the extra.
Look at it this way … the amount you can save is limited …
… limited to less than 100% of your salary, and for most people, limited to something between 0% and 20% of their salary.
But, the amount you can earn is only limited by your imagination and your capacity for hard work.
Here are some examples of ways that you can increase your income:
– Change jobs (maybe)
– Work longer shifts (yuk)
– Ask for a payrise (why not?)
– Take on a second (third?) job (horrible)
– Renovate some houses (now may be the time to get back in)
– Start trading some stocks (better know what you’re doing?!)
– Start a business ‘on the side’ (my favorite!!!)
Whatever you choose: Start Small … Finish Big!
The point is not how YOU should do it, the point is you CAN do it … if you are prepared for some hard work and sacrifice now for a better future. Are you?
If you keep paying yourself first at only 10% of your current salary in your day job, and 50% of the additional money that you earn (after paying off debts), THEN …
… you just may retire RICH!
Let me know if you think this can/can’t work for you …