Most of us can retire rich (or, at least, comfortably), even if we live on a salary. Unfortunately, most people, including yours truly, tend to ignore the simple points below:
1. Start saving at an early age, in fact from your first job. Savings tend to grow exponentially over time. Make time work for you.
2. Pay yourself first. Invest 10-15% of your take home before you pay anyone. Even if you are on a low, starting salary, save some money every month to invest.
3. Go for a systematic investment plan. Invest every month. Investing small amounts regularly helps you use the power of compounding and rupee cost averaging.
4. Go for mutual funds (unless you are an expert in the stock market). The stock market has been pretty erratic since 2008; however, in the long run it should give one of the best returns.
Visual Courtesy: http://www.flickr.com/photos/59937401@N07/