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Empower Yourself to Live Richly in Retirement

Written by Eileen Michaels

Empower yourself to have the life you want. It's easier than you think.

Marc Eisenson, Gerri Detweiler and Nancy Castleman, the authors of Invest in Yourself: Six Secrets to a Rich Life, ask the question "How will you know when you've had enough and have enough?" 

Their answer; "When you no longer enjoy your work and you've reached the point where, having taken control of your finances and your life, you're living on less than you earn."
 
Their suggestions for getting to that point sooner rather than later: 
  • Use what you've got. One of the largest investments people ever make is their home. If you've paid off your loans and live mortgage-free you may want to consider taking advantage of reverse mortgages. Geared primarily toward older homeowners, reverse mortgages allow you to borrow against the equity in your home while still living in it. 
  • Learn to live on less. For many of us, consumption is a way of life. Nobody actually needs a new car every three years. Prioritizing your goals will let you achieve them much faster. And downsizing your lifestyle doesn't mean you can't live well. 
  • Don't retire, semi-retire. Turn an interest, skill or hobby into a small, part-time business to generate additional revenue. And you'll get tax breaks for starting a home-based business. 
By understanding how much is enough for you, you can retire sooner and live better. When you answer the question "How much is enough?" you may discover you have enough already.

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