Why is it that there are families with household incomes of $40,000 comfortably making ends meet and saving for retirement with no debt or at the worst, with one outstanding mortgage, while others, that make hundred of thousands of dollars, are having trouble keeping their heads above water? The answer: Living outside your means.
Though many individuals feel the need for the finer things in life, it is possible to live at, or even below, your means to improve your life after retirement. Read the article, "The Secret to Living Well on $40,000 a Year," published this week in U.S. News & World Report to see how a father of two was able to support his family at a comfortable level.
Investing Lesson: Though changing your lifestyle may not be ideal, it can and at times should be done. A dollar that you save today, will be a dollar, plus more, that you have for tomorrow.