Chapter 3
Calculating How Much You Need to Retire
IN THIS CHAPTER
Getting concrete figures on how much you need to save and invest
Calculating your retirement needs in different ways
Setting a retirement goal and working toward it
Understanding why starting retirement planning early makes success more likely
If you want to accomplish something great, you need to picture it first. Want to land your dream job as CEO? Imagine sitting behind a giant mahogany desk in a corner office. Want to run a marathon? Envision yourself crossing the finish line after 26.2 miles.
Visualizing success is one of the storied approaches taken by effective athletes, executives, and salespeople. Academic research reinforces the power of goal-setting even further. In a noteworthy study (www.dominican.edu/academics/lae/undergraduate-programs/psych/faculty/assets-gail-matthews/researchsummary2.pdf), Gail Matthews, professor of psychology at Dominican University of California, found three techniques successful people used to meet their goals. They wrote down their goals, held themselves accountable in weekly ...
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