How Generation *R* Got It Right!

Who is generation R? I’ll tell you, they are our retired mothers
and fathers, and even our grandparents who were born in the 20’s
and 30's. Why am I writing about this generation of people?
Because I think there are five (5) basic principles that were
utilized by this generation to set themselves up for a very
comfortable retirement and lifestyle in their senior years. One
overriding trait through out this population of people is their
common inherent work ethic. You have to work hard to get ahead,
this seems a little lost in today’s younger (people in their
20’s) work force. The plan seems simple; have a goal, plan what
you want to do, save for it and retire. Simple enough for them
let me tell you how you can be better prepared for your
retirement by understanding and implementing the 6 basic
principles of their success.

Principle # 1 You need to have a clear definition and separation
of wants and needs. What I mean by this is a clear and distinct
written definition of a want (nice to have or luxury item) and
need (must have this to function daily).

Principle # 2 Cut up those darn credit cards. Quite frankly I do
not even think they could get credit or credit cards, you can but
do not. If you need to have an emergency credit card, fine but
have strict usage rules associated with it. Simple thought, if
you think it is a need, but has to be purchased with a credit
card, it must not e qualify and you might have screwed up
somewhere else to have a need purchased with a credit card!

Principle # 3 Limit you luxury items to the bare minimum This is
by far the most difficult principle to get people o grasp, why
because they think a lot of luxury items are Needs, hah. My
favorite is the latest in electronic equipment or that 50 inch
big screen TV to watch sports on.

Principle # 4 Save as much as you can out of every paycheck. You
have heard this over and over again, nothing new but you must
initiate the action to garnish your wages.

Principle # 5 Set financial and personal goals. Without
financial and personal goals you will never know where you are
going or if you are ever going to get there.

Finally, you are going to need medical services, plan on this as
part of you needs and appropriate the amount you will need. I
can not tell you a $ amount or percent, everyone must do this
based on family history and life style. My advice to you, do not
count on the government to continue with social services take
charge of your own destiny. Be responsible, start today and
success will follow, we truly can learn from the past.