Jean Chatzky
A writer for Crain's Pensions & Investments, Mark Bruno became inspired to help young people save for retirement while struggling with his own savings plan throughout his 20s. In his book Save Now or Die Trying: Achieving Long-Term Wealth in Your 20s and 30s , Mark says it's a big mistake to put off retirement planning and offers tips on the best ways to start saving today. Mark shares with Jean his advice on how to achieve long-term wealth:

  • Start saving now. "The earlier you start saving money, the more you will have," Mark says. It really doesn't take that much to get a savings plan going—just a little bit of understanding about where to begin, he says.
  • A little contribution is better than nothing. "You don't have to take a huge chunk out of your paycheck to contribute to retirement," Mark says. As little as $150 a month can begin to build a nest egg that could be worth a lot of money down the road, he says.
  • Use your employer to help you. If your company matches contributions to a 401(k) plan, that's like free money, Mark says. "Nobody really spells that out for you at an early age," he says.
  • Sign up for automatic enrollment. Automatic enrollment, which routinely deposits funds from your paycheck into your desired savings plan, makes too much sense to say no to, Mark says. "It's a nice way of getting people to participate," he says.
  • Consider hiring a financial adviser. Beginning the process can be very intimidating, so Mark says working with a financial adviser can help you get things started.
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.


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