This weekend I read in Money magazine that Suze Orman is retiring at age 66!
What I found interesting is what she plans to do in retirement. With all of the money she has, what she is most excited about is spending her time fishing! I have never fished before, but I imagine it can be relaxing and enjoyable.
What was also interesting is that Suze talked about the importance of having the right MINDSET to keep you on track to achieve a secure retirement.
To help keep you focused on the right mindset are Suze Orman’s 7 Rules for Retirement Success. Taken from the November 2017 issue of Money magazine.
Suze Orman’s 7 Rules For Retirement Success
1. Do What’s Right, Rather Than What’s Easy
Saying you will get serious about saving next year or the year after that is easy. Committing to saving today—and staying true to that goal—is a whole lot harder. But it’s the right thing to do.
- Aim to stuff at least 10% of your salary ASAP into retirement accounts. Then make it a goal to get to 15% to build even more security.
- Let your employer help. If the company offers a matching contribution on your 401(k), always contribute enough to earn the max.
2. Money Has No Power on Its Own
It is through your decisions and actions that you give money its power. Make your money today work for your tomorrows.
- Never take a loan from a 401(k).
- Never cash out a 401(k)—even a small portion—when you leave a job.
3. True Financial Harmony Is Only Achieved When Your Pleasure in Saving Money Is Equal to Your Pleasure in Spending Money
Celebrate every 401(k) and IRA contribution as a gift you are giving your future self.
4. Always Ask Yourself Before Spending Money: Is This a Need or a Want?
Living within your needs but below your means can make it possible to save more for your future.
5. How You Talk About Wealth Influences How You Act
Fear, shame, and anger are the three internal obstacles to wealth. Change your language to say “I can … I am … I do …”
- I can increase my savings rate.
- I am making sure I invest in the lowest-cost fund options.
- I do finally feel in control of my retirement planning.
6. With Faith, Integrity, and Courage, Anything Is Possible
No one will ever care about your money as much as you do. You have the power to achieve and control your destiny.
7. People First. Then Money. Then Things
Always, always, always maintain perspective on what matters most.
Angela Dorsey is the founder and financial advisor at Dorsey Wealth Management, a fee-only financial planning firm based in Torrance, California, helping women prepare for retirement. Angela earned a BS in computer science from Loyola Marymount University, an MBA from UCLA Anderson School of Management, and spent 20 years as a Senior Compensation Specialist in large corporations before becoming a CERTIFIED FINANCIAL PLANNER™ professional and a Registered Investment Advisor (RIA). That background gave her the tools to couple with her passion for empowering women to make the best financial decisions possible. Angela lives in Torrance, California, with her husband. She enjoys spending time at the beach or surrounded by nature. To learn more about Angela, connect with her on LinkedIn.