Wealth Strategies for Baby Boomers

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Wealth Building Strategies for Baby Boomers                                                                                                               Native Flower on top paddock February 2012

 

Retiring early needn’t be a forlorn hope. Here’s how, writes The Motley Fool.

The latest AXA Wealth Pension Index data, suggests that while

the average age people in the UK would like to retire at is 58,

the average age they can afford to retire at is 71.5

— a gap of some 13.5 years.

 in Australia, we suspect they are somewhat similar.

Early retirement is still possible, by following some simple guidelines.

 

1. Plan ahead

To retire early, you’ve got to DO something different, and additional. And that involves breaking away from the rest of the herd, and planning ahead.

2. Avoid debt


Other things being equal, there’s one important difference between people who can’t afford to retire early, and those who can – Debt.

 

3. Invest, don’t just save


Saving = safe, boring risk-free bank accounts, where your capital is protected.

Investing in shares puts that capital at risk — but offers a potentially higher rate of return.

 

4. Invest regularly


But Plans won’t work unless you actually back those plans and good intentions with hard cash.

And if you can’t afford to do so right now, do without something now, so that you can afford to retire early, later on. So what are you waiting for?

5. Secret Strategy

Diversity. The above was borrowed (and simplified) from http://www.fool.com.au/ . But better than

·         Saving, better than

·         Investing (in anything that is controlled by anyone other than yourself) is-

·         Building - something you design and create and control.

 

My property is a unique opportunity to invest and then build as additional funds are available from your savings. Camp in your spare time and take a holiday from your day job by creating your dream, while learning new skills.





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