Wednesday, September 24, 2008

How To Retire Rich And Live A Happy Life

As many other teenagers, about 25 years ago, I thought about the future. From the very early point of my life I always enjoyed working, but I always wanted to have an option of not having to work. Twenty five years later, I find myself still working and enjoying my work, but I also feel that I am moving closer to my goal. My secrets are as following:
1) Select the type of work that you enjoy.
2) Be the best at what you do.
3) Spend less than you earn.
4) Education yourself about investment.
Select the type of work that you enjoy: This is very important. Most of us have to work for a living, so we might as well do what we like to do best. In my case that means working with computers and technology, while interacting with other smart people. If you are doing the type of work that you like, you might even feel a little guilty getting paid for it (do not worry - take the money). I recall letting my employer know a few years ago, that I would be willing to do the work that they were paying me for free, because it was a lot of fun and I was learning many new things in the process.
Be the best at what you do. If you decided to do the type of work that you enjoy you might as well be the very best at what you do. Regarding of your current role or position always act like the CEO. Make sure that you spend your time very focused on key value-added activities. Never just go through the motions, be very deliberate about your actions. That type of persistence gets notices and pays off big time in the long run.
Spend less than what you earn. I met people that earned six digit incomes year after year and they were always broke. Do not get me wrong, they owned nice homes and had fancy cars, but they really were not wealthy. They always managed to spend more than they earned. I also had a pleasure of meeting people that did not make a very high income, but they managed to always make saving a priority. If you can get yourself into a habit of spending less than you are earning (and investing the rest), you will find yourself not worrying about your financial future. That’s one of the sure ways to live a happy life. After all, who want to worry about their financial future all the time.
Education your self: We are lucky. Today we can get tons of free and almost free information. We have access to magazines such as Money, SmartMoney, Kiplinger’s Personal Finance, Bottom Line Personal, Forbes, and Forture - most of these cost $10 to $20 per year and are available in your local library. There are tons of blogs and financial websites, and the there are book and audio books. Education yourself using the resources above will help you generate more yield from your savings. After all it takes a lot of work to generate money, and even more work to get your money to work for you.
Good Luck!!!

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