Most people can retire rich if they really make a personal commitment to doing so. It’s sort of like sticking to a diet.
Four characteristics go into successfully taking action on your personal finances and then sticking to a commitment to retire rich: Numeracy, education, motivation, and self-control according to Lewis Mandell, Ph.D and Emeritus professor of Finance at State University of New York. In addition to these four characteristics, an individual must have the time, interest and knowledge to make the best financial decisions for themselves.
Below are links to two great articles from Moneysense magazine on financial planning for a rich retirement:
You can do it yourself, but you can increase your chances of success by working with a good financial guide.
The Value of Advice
Independent research and academic studies confirm the higher levels of wealth achieved by those who use advisers on an ongoing basis. These individuals have better savings habits and are more confident in their ability to meet their retirement income needs. Advice allows people a better chance of:
• Accumulating greater wealth through better savings behaviour;
• Building towards a more comfortable retirement;
• Selecting tax-efficient investment vehicles;
• Maintaining a long-term investment strategy;
• Protecting against poor financial decisions; and
• Avoiding emotional investing habits.
These benefits show themselves in a number of ways, including having a greater sense of control of one’s finances, and the peace of mind that comes from greater confidence in the future.
So do it yourself or get advice, but one way or the other – take action to give yourself the freedom to choose your financial future.