Friday, September 14, 2007

Business Week - Retiring Early Strategies: The Thirties

Business Week's 2007 Annual Retirement Guide is dedicated to retiring early. The issue covers recommendations for what to one's 20s through 50s. My Wealth Builder will be discussing these strategies on Fridays during September, 2007.

Business Week recommended the following strategies for one's Thirties and I included my brief comments in blue:

  1. Concentrate on your career. This the time to demonstrate leadership, which will lead to higher responsibility and higher pay.

  2. Start a family. Hopefully, one's twenties has created some financial stability. This is probably the latest most folks (for physical and financial reasons) should wait to have kids.

  3. Set goals. Having goals is a must to help keep focus.

  4. Stash your cash. Keep putting money away for early retirement. Saving around 20% o income is a good target.

  5. Enroll in high deductible health insurance plan. I think high deductible plans are great for people in great health. We prefer a good co-pay plan, since it provides more flexibility.

Overall, I would summarize the thirties as "grow and protect one's wealth." Again, the recommendations were good for someone in their thirties. I also would include having the right additional insurance - i.e. disability, auto, and renters/homeowners.

For more on Reaping the Rewards , check back every Friday for a new segment.

This is not financial advice. Please consult a professional advisor.

Copyright © 2007 Achievement Catalyst, LLC

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