7 habits of highly successful retirement savers

Almost anyone can become wealthy using these investment strategies.

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VIDEO ON MSN MONEY

60Comments
Aug 4, 2014 10:14AM
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My father and mother taught me these things.  It is about living on less then you make and not including things like bonuses as recurring income.  As to cars, I purchased several new cars in my 20's and early 30's.  Last new vehicle I purchased was in 1988.  This has served me very well.


RETIREMENT, is about getting your fixed costs as low as possible to have money for the things you want to do.


At 64, I am retired with ZERO debt and no I-PHONE.


Life is good.

Aug 1, 2014 10:26PM
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It doesn't start with 7 new habits from a list in an article. It starts by changing core values and beliefs. If you believe life is short and you should live for the moment, savings money for retirement at the expense of a vacation or a new car is not going to happen, no matter how many articles you read.

Assuming similar circumstances, why one person spends more than they make and another person saves 20% of each paycheck is a mater of what is important to them. The successful saver has a different list of priorities than the spender.  Change that list and then the 7 habits are useful tools to get to a retirement goal.



Aug 4, 2014 1:18PM
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1) Start Early

2) Save regularly and increasing amounts over time

3) Protect your savings from the temptation to spend and those who believe you should share it with others

4) Vote out the people who believe that your earnings should be used to compensate the inadequacies of others

Aug 4, 2014 8:08AM
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Not clicking through 8 pages for you. 
Aug 4, 2014 8:51AM
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Mostly common sense notations, however many out there have no common sense soooo for those "pay attention" it works. I am a witness to this method of thought and by all rights and if I hadn't stuck to it I would be living in a cardboard box today or worse. 
Aug 12, 2014 6:50PM
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This is actually a pretty decent article. I think every point is valid. I've followed all of them (well, I wasn't eligible for a 401(k) until I was 27, but once I was, I put in as much as I could and made sure to increase my contribution by at least 50% of whatever raises I got) and I hope to be able to retire comfortably by age 55. I never graduated from high school; I only have a GED and some college, but I still try to keep learning, keep taking continuing education classes, and reading as many financial books and articles as I can.
-To those just starting out: This article makes it look simple, but if you follow every point, you'll do well for yourself by the time you reach retirement. (hopefully even sooner)

Oh, I also have no iPhone. :-) I got rid of my cell phone back in 2008 when my work no longer reimbursed me for the cost of it.
Aug 4, 2014 11:41AM
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You buy a bank and the Fed will give you free money for ever or they may go bankrupt.
Aug 12, 2014 6:19PM
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I say save money for sure but if you can also afford nice things go ahead and get them.   You work hard and You only live once.  Buy things when you are young and able to work.   Everything should be balanced in life.   You should plan to have everything paid off by retirement.  
Aug 12, 2014 5:33PM
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Can we get the MSN writers to come and mow the parking lots of the vacant facilities in my town where thousands used to work and then see if they really feel like doling out advice on how to save money? It would be a valuable educational experience for these twits who don't have a clue what's going on in Main Street USA !
Aug 4, 2014 10:26AM
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Basic stuff, but a bit of Monday Morning Quarterbacking after companies no longer want to offer pensions, towns are going bankrupt paying pensions because they didn't invest wisely, the Liberal-Con "artists" are overspending even more than the previous Democrats to "shore-up" the World's "underprivileged" and bring them here as VIP future voters at the expense of reducing hard-working peoples' Social Security benefits..need I go on?  If you are in your 60s you may have followed some of these rules as far back as the 1980s.
Aug 4, 2014 9:15AM
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They seem to contradict themselves when they mention buying a car and paying off debt slowly.  If you can get a low interest rate (lower than what you can make on an investment) on a used car, why would you pay cash for it?
Aug 12, 2014 6:31PM
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I was never very good at saving money until I got into the 401k at the place I worked. I started off contributing 6% which entitled me to matching funds from the company. Around the time I turned 55, I buckled down and paid off all debts and started saving 20% plus another 10% for over 50-catch up.


I retired a month after I turned 60. I received a lump-sum pension from the company and put that with the money in the 401k and bought an IRA. I get regular payments from that and also social security, which I started drawing as soon as I turned 62.


I suppose I was lucky in that our company still gave pensions, because as of five years ago, new hires do not get a pension. That seems to be the trend in big business nowadays. There may be a new generation of workers that have to work until a later age. I don't envy them one bit.


Save as much as you can. I know it's cliché, but when you finally retire, you'll be glad that you did.

Aug 12, 2014 5:38PM
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It would be nice if these stories could address the 2/3 of US population--- This is not it, especially if you take away the past company paid savings/retirement for you, like former IBM etc and 401K then you  are probably down to about 10 % who actually have savings for retirement made on their own, at a level  of  more than 20 K $. I have been to 7200 food/drink plants and universities in US, and I can assure you I have talked to thousands 90 %  highly educated, and it is not as rosy as you get told, far from it.
Aug 12, 2014 10:52PM
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My banker buddy, Tom, said it best; "live below your means".
Aug 10, 2014 2:08PM
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Better than most the the stuff that write about on MSN. 101
Aug 12, 2014 9:37PM
Aug 13, 2014 1:07AM
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Another poorly written article from MSNBC:


1) Start saving early: correct.

2) Avoid car loans: wrong; read the fine print of this advise.  "... mountains of student loans still manage to swing the payments on a snappy import."    Wait until the debt is small, and choose a car you can afford.

3) Pay off debt slowly: moronic.   Pay off debt quickly to have a high credit rating.   Your credit rating is the most important number of your life.

4) Save a sizeable down payment for a home: correct.

5) Never stop learning: correct.

6) Focus on investing costs: wrong.  Focus on investment performance.  Where do they get this stuff?

7) Ignore market fluctuations: correct -- to an extent.  When the market crashes, you have a couple of days to get out before you lose 1/3 to 1/2 your portfolio.    That kind of quick thinking and preparation for quick thinking can save you decades in savings.

Aug 12, 2014 5:00PM
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You wanna rile up the sheep?.....say something good about Obama....jejejejej
Aug 12, 2014 5:59PM
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Secrets? Try common sense. You must be addressing this article to the idiot liberals who want to blame the rich for their financial failures.



Aug 12, 2014 4:43PM
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Why should we save anything?  OWonderful is going to pay for all our necessities, so we don't have to support ourselves.  So we should just spend anything we make on the fun stuff!
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