Don't despair. There is a formula, a way, a light at the end of this long dark tunnel.



First off make your starting goal something simple and easy. Something that won't break your piggy bank.

Once you have a budget in play, you are well on your way. The trick is to stick to the plan. Have you ever heard the old saying "Save your pennies and the dollars will take care of themselves"?

Another personal favorite of mine is to "Pay yourself first". Now when I was a younger man the rule of thumb was 10 percent. Times however, they are a changing. Now you should put at least 12 percent away. When you actually look at your take home pay, for this example let's say it's $600.00 per week. 12 percent of that is $72.00. Not a large investment by any stretch.

Quick math $72.00 per week times 4 weeks = $288.00 per month times 12 months = $3456.00 per year. Now times that by 25 years is $86,400.00. Not a million is it. Keep in mind this is a basic calculation. Each bank has different interest rates.

We also are not even considering investment opportunity. Let's take a look at those shall we?

Investment Opportunity

Many investors fail to understand, myself included at the start is that, once they reach a certain level of assets, most of the savings should come from investment growth.

With so many investment opportunities out there this a huge market and it depends on you and your investments and what options you have available to you. I recommend strongly doing your homework. If you are unsure where to begin then speak with someone you trust who knows the industry. If you don't think you no anyone in the industry of retiring, chances are it's a phone call away to your parent(s).

Like the commercial says "Just do it". Get Started Now!

This action plan can take most people conservatively speaking 14 to 17 years. Just remember the sooner you start, the better off you are going to be.

As you strive to amass that sum, your top priority should be funding your RRSP or whatever financial plan you deem best

Purchasing a home is also a great idea if you have the down payment and/or the credit. Nowadays you can purchase a home with no money down if you meet the criteria of excellent credit, a stable job which you have held for a minimum of 6 months. If you are unsure of this then get a copy of your credit report. A little tip regarding this, you are entitled to receive one (1) free copy of your credit report each year, call your local Credit Union for further information.

If you start now by saving a mere 12 percent of your take home pay for a year and then start to invest and diversify then reaching your retirement-savings goal should be a breeze.

Good luck.

Sidenote: Like my father always taught me "10 percent is yours to keep, pay yourself first"

Garret