HOW TO GET RICH
Want to be wealthy?.... without having to do very much? Here is a plan that has worked for me: SAVE 10% (15% would be better) of every dollar you make, for a lifetime. Now you say: "I can't save that kind of money." Sure you can. Only .10 cents on every dollar earned. That leaves .90 cents left to spend. One dollar in ten, nine dollars to spend. The money is never missed and adds up without effort.
Let's say the average beginning teacher earns $35,000 a year (and for this simple math, let's say that salary never increases (it would at least double, but let's keep the math simple). In 40 years of teaching that amount would be $1,400,00. ($35K times 40 yrs). 10% if that lifetime earnings would be $140,000 saved in the bank, to be spent at retirement. $140 K. doesn't sound like much does it. But here is the magic: "Compounding interest" you earn on that savings. In a safe investment today it shouldn't be that difficult to get 5% interest... maybe more. Money at 5% interest doubles in value every 15 years. So a 3,500 dollars (saved each year = 10% of $35,000 salary) plus interest compounded would be more than $448,000 in 40 years. That's almost half a million dollars from money you really didn't need or use, and that is assuming you never increased your first-year salary. A 20-year-old nurse making $70,000 today, saving 10% of that salary, at 5% interest would have saved $897,000 by the age of 60. And these are very conservative numbers. A good job and safe investing could increase these numbers greatly.
You can start at any age, but the length of time and compounding is important. I know this works. I started saving 10% of my earnings at age 18. I was able to retire comfortably at age 55, ten years earlier than most people do. Here is another thought: If you do nothing... where will you be at retirement? A lot poorer.
SUMMARY:
SAVE TEN CENTS OF EVERY DOLLAR YOU EARN AND INVEST IT SAFELY.