For real people, building a rich retirement requires creative solutions beyond “start saving early.” In today’s post Dennis Miller looks at conventional wisdom and compares theory with practice. He shows that the average investor doesn’t even keep up with inflation (i.e. he actually loses purchasing power with every year that goes by.) ~Tim McMahon, editor
Straight Talk from Yogi Berra: 9 Ways to Retire Rich
By Dennis Miller
“In theory there is no difference between theory and practice. In practice there is.”—Yogi Berra
It’s October, AKA the major league baseball postseason. As a lifelong baseball fan, I take the wisdom of Yogi Berra seriously. And when it comes to planning for the autumn of life, Yogi is spot on.
It seems as though every day an article titled “5 Tips for Retirement Saving” or something similar hits my inbox. I scan for the author’s name, and I’m amazed by how often it’s distinctly contemporary—Jennifer, Brandon, or another name of that vintage. Jennifer’s title is something like “staff writer,” and I immediately picture a fresh-faced young person with a newly minted journalism degree. After work, maybe she jumps in her starter BMW and heads to a local watering hole with her friends to gripe about student loan repayments.
“Jennifer” means well. After all, she’s just doing her job. She recommends setting financial goals, getting out of debt, living within your means, and saving from a young age. I won’t argue with those recommendations. Jennifer’s grandparents probably did just that. If you can pull off following that advice to a T, chances are you’ll accumulate a good deal of wealth.
However, once Jennifer has tried to put her advice to practice for a couple of decades, she might understand that it’s [Continue reading]