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Start Late, Finish Rich - Part Four

May 02, 2011 | Comments: 0 | Views: 148

Do you feel like you started too late saving for retirement? Do you think there's no hope to retire at all let alone rich? David Bach insists that it's never too late to be rich. In "Start Late, Finish Rich" he shows you how to finish ahead of those who started early - even if you're getting a late start!

Part Four: Make More

This was probably my favorite part of "Start Late, Finish Rich." If you started later than you should have, and you have cut your expenditures down to the necessities, and you are saving everything you can and you have automated all of these processes, you may still feel as though it's hopeless. Sometimes even with all of that you aren't able to put enough into savings to make much of a difference in your retirement fund. There just aren't enough years left.

In Part Four David Bach asks: "Who Says You Can't Make More?" and then proceeds to tell you how you can do just that. He insists that you don't get rich by working hard; you get rich by working smart, and that by working smart you can increase your earnings.

But, what do most people do when they get a raise? They spend more. Bach's advice is to save and invest all of the additional income instead. Then he lays out a four-week action plan to get a raise.

Even as I read this chapter, I had to admit that I knew this stuff. I can't tell you how many new hires I have encouraged to come to me when they feel they deserve a raise - even if it isn't officially review time. Do you know how many people have done that over the years? Not a single one. Interesting, isn't it? Yet it's a fact that you aren't likely to get what you don't ask for. How many people complain to their friends and family that they haven't gotten a raise, yet they don't go to the one person who could give them one and ask?

Your first task is to decide how much of a raise you are going to ask for and when. Then, using the 80/20 rule, create an action plan to maximize your productive activities and minimize the busy work. The goal here is to make yourself more valuable to your employer. Then go to your boss and ask for a raise. If you've done your part, getting a raise should be a piece of cake. If not, maybe it's time to look for a new job. (That's my own advice, not David Bach's!)

Another suggestion Bach offers is to develop a second stream of income by starting a business of your own in your spare time. While he can't possibly cover all the possibilities in the scope of his book, he does offer some specific ideas: selling products or services on eBay; direct selling (also known as multi-level marketing); franchising; and real estate.

In fact, he devotes two chapters in his book to investing in real estate; going into ideas from buying a second home as a rental investment to flipping homes in new developments and buying a building for your business.

Not all of these ideas will appeal to everyone. Maybe none of these ideas will appeal to you, but reading this section of his book just might spark another idea for a side business you could start with little or no financial investment and funnel your earnings right into your retirement plan.

The main thing to keep in mind when starting a business of your own is to resist the temptation to rush ahead and spend a lot of money trying to reach your goal quickly. The last thing you want to do when you are starting late is to get yourself into debt. Think the tortoise and the hare: slow and steady wins the race.

By following David Bach's advice on how to make more, you can really kick your retirement savings into high gear. After reading part four of "Start Late, Finish Rich" you may just start believing that you can, in fact, retire rich!

My name is Cheree Miller. I'm not a financial counselor or legal advisor. In fact, I've made some poor choices in my life. I've been broke, with creditors calling, writing, and sending court summons. I've had my bank account garnished and wondered how I was going to feed my family. But, I can tell you that you can learn to make good choices where your money is concerned. You can get out of debt if you remain focused on the end goal instead of wallowing around in a pity pool feeling sorry for yourself. Better yet, you can retire rich if you start saving for your retirement now!

Life was meant to be enjoyed. For more resources on getting out of debt and living debt free, visit While you're there, sign up for my free newsletter with more tips on how to get and stay debt free, and receive my free report "101 Powerful Tips for Legally Improving Your Credit Score".

Source: EzineArticles
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