| Procrastinators' Guide to Hatching a Nest Egg How to Start Saving Late in Life By Suze
Orman It's human nature to try and speed up when we sense we are behind schedule. Whether it's a deadline at work, picking up
the
kids after school, or getting to the restaurant in time for a reservation, the urge to rush is always sneaking up on us.
Racing to make up for lost time also describes how so many of you try to overcompensate with your retirement investing.
You
waited until you were in your 40s or early 50s to get serious about socking away money for your retirement, and now you
figure your only shot at a decent nest egg is to gamble on super-aggressive stocks.
Slow down, my friends. That's simply not smart. It is never a good idea to overload your portfolio with high-risk stocks,
but in today's market it's sort of nuts. There's just no argument for any "easy money" to be made: we've got only moderate
economic growth, a ton of global competition, and a massive federal debt to deal with. No wonder wise men like Warren
Buffett are on record saying that 6 or 7 percent annual returns over the next decade would be a good outcome. With that kind
of forecast, it's insane to plow your money into a few aggressive stocks and hope this crossed-finger strategy will bail you
out of your retirement dilemma. It's a lot more likely to lead to disaster.
Focus On Outgo for a Better Outcome
Instead of panicking about the income you need to build up in the next 15 or 20 years, your best investment move is to
concentrate on getting your costs down. If you will need less to live on in retirement, then you won't need to risk
desperate accumulation strategies now. Right? That's a pretty basic point that everyone seems to miss. more...
Article also contains: - Plan A: Cost Reduction
- Home In On Your Retirement
Last Minute Money-Saving Tips for a Smoother Retirement
Alrighty, enough about mortgages. Let's see where we can save you some more money. more...
Suze Orman has been called “a force in the world of personal finance”
and a “one-woman financial advice powerhouse” by USA Today. She is the author
of four consecutive New York Times bestsellers, including The Road to Wealth.
Suze Orman, a
Certified Financial Planner Professional®,
directed the Suze Orman Financial Group from 1987-1997, served
as
Vice President of Investments for Prudential Bache Securities from
1983-87, and from 1980-83, was an Account Executive at Merrill Lynch.
Watch Suze every Saturday night on CNBC.
Check www.suzeorman.com
for TV listings.
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