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July 05, 2005


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This concept is very well stressed on The Wealthy Barber Book.

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As simple, straightforward advice goes, this one is excellent. However, there are two things that I would add. First, don't ever let the fact that you can't figure out where the 10% will come from stop you. If your company matches the first 4% you put in your 401(k), start at 4%. Put a huge chunk of each raise into savings until you get up to your goal.

Second, there's absolutely nothing wrong with exceeding 10%. Saving and investing more than 10%, especially early when compounding can do you the most good, just gets you to the goal faster.

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