Wednesday, July 28, 2010

How to save $1 million by 65

(Money Magazine) -- Question: I'm 28 and would like to have $1 million by the time I retire at 65. What are some of the investing options I should consider? --Joshua Sin, Fresno, Calif.

Answer: I'm all for savvy investing, and I'll get to what I think you should do on that front in a minute. But let's not forget that when it comes to building wealth, investing alone won't do it.

You also need to save.

I don't care how brilliant an investor you are. If you're not putting away a decent amount of money on a regular basis throughout your career, your chances of accumulating a million bucks are lower than LeBron's chances of getting elected mayor of Cleveland.

To understand what I'm talking about, let's look at a few numbers. (more)

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