Jul 11, 2018 · 6 min read

We are many years away from retiring. Or so we like to tell ourselves :) In fact there are times when we think about what it would be like. Some of us imagine we will travel the world, others that we will take up hobbies we didn’t have time to enjoy while still working. Not once we have envisioned a life where one needs to pinch pennies just to cover up the bills.

However, reality shows that many people are exactly in this situation and the main reason for it is the fact that they are not saving enough now for their future. But wouldn’t it be nice if you’d never have to worry about putting food on the table, being able to afford prescription medications, having a place to live, or being able to pay for the things that provide both entertainment and enjoyment in your life at an older age?

We’ve done the research and we can tell you for sure that you don’t have to be wealthy now to be a millionaire at retirement. It takes a little planning and self-discipline and of course, a few minutes of your time to read through the golden rules we’ve come across while wondering how we can retire rich.

Rule 1. Spend less than you earn and eliminate unnecessary spendings

The formula for retiring rich starts with you putting money in the bank. What the state provides through our tax payment isn’t enough anymore and we all know that.

But how do you start actually? Well, one way is to identify the expenses that could easily be eliminated as soon as possible. You will be surprised how much room there is in one’s budget to work with. Look at your bank statements and credit card statements for the past few months and see which are the services you can do without — maybe club memberships, subscriptions or automatic charges for services you’ve never used. Another idea is to periodically go through your current subscription such as TV cable, Internet services, landline or mobile expenses and try to obtain a better price from your providers.

All the money you will save through these process needs to be redirected to an account that you have dedicated to your retirement plans.

Rule 2. Don’t Let Saving Be a Choice and Start It Early

One of the best ways to retire rich is to start saving money as soon as you start earning it. Even if the contribution is small, given the many years you can do it, the amount gathered until you are 65, let’s say, will be significant. The more time you have, the more your money will grow.

Let’s take for example someone who started saving $100 a month at age 20. Assuming they average 8 percent returns, they’ll be closing in on a half-million dollars by age 65. But if they start saving the same amount at 40 they’ll have close to $100,000 by age 65. Not bad either — but wouldn’t you rather have a half-million?

Rule 3. If you start late, make up for lost time

But let’s face it, very few people think about their retirement when they are 20. If you don’t have a parent or closed one to give you advice about it, it’s very improbable you will come up with a plan on your own.

This is how many start to think about it only after they turn 35 or even 40. But that doesn’t mean you have missed your opportunity to save and that you should raise the white flag and give up.

There are still ways you can save money — you can still apply the ideas above and as extra, you could benefit from an unexpected inheritance, downsize your home or sell your boat or other large toy that no longer fits your lifestyle. Also, if you come across a larger amount of money, save it instead of purchasing more stuff!

Rule 4. Take a little risk

Saving up your retirement money in your bank account may feel safe, as you don’t run the risk (at least in theory) of losing it. But with this approach only, you’re not going to retire a millionaire.

What you need to do is take some risks and invest part of your money in such ways that they will bring you more money. Two ways you could do this is by putting your money into stocks or real estate. Bonds are also an idea, but maybe for later, when you approach your retirement age.

What you should keep in mind is that it’s best to invest with as much risk as you can tolerate. But don’t mistake taking a risk with being dumb. A smart risk may be investing in an emerging market fund. A dumb move may be pouring your life savings into a speculative currency.

How do you know the difference? You find out by researching available investments, weighing your options and selecting the amount of risk that works for your unique situation.

Rule 5. Break free from the herd

There will always be friends who appear to be rich now and you might be thinking that you deserve that too. And that you deserve it now, not in 30 years. But wanting to keep up with your neighbours will most likely hurt your chances of being rich in retirement.

It’s easy — and tempting — to follow the herd. But if you want to be rich, keep a cool head and make rational money decisions. Establish a lifestyle where you put savings first and find a group of friends that value the same things and where you don’t feel pressured to spend.

Rule 6. Get Professional Help

In order to increase your chances to retire rich, you could hire a professional finance consultant. Someone who knows the economic market will be able to give you ideas and help you make an articulate plan about saving up for retirement.

On top of that, you should always be connected to the latest news on finance, saving and retirement ideas.

Retiring rich is not …out of reach

We are all different. We lead different lives, we have different jobs and different incomes. But that is not what we have discovered to differentiate us from the more successful people or from those who are on a sure path to retiring rich.

The main thing that differentiates us is the strategy we adopt. When you are only waiting for things to happen to you and money to come to you, there is little chance to have a breakthrough. But when you make a plan and stick to it, when you don’t just put your eggs in a basket called sheer luck, things will start to change for the best.

At TRISOFT, we encourage our employees to think ahead when it comes to saving up for later in life, all the more because most of them are very young and believe that retiring rich is just not for everyone.

This article, however, proves the opposite — with the right information and attitude, retiring rich is not …out of reach.

Remote Symfony Team

Written by

We are TRISOFT, a Symfony oriented software development company, lead by @symfonydevro. Get in touch with us at or

Remote Symfony Team

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