Ric Edelman: All investment strategies begin with one assumption, you have money to invest, that means you must begin with a willingness to save. Realize that many items you currently pay for, cable TV, the long service dinners out, they are not necessities. Figure out where you are wasting cash.
For instance, if you and your spouse each stop for a cup of coffee and a doughnut in the morning, that's 450, and a candy bar in the afternoon, 75 cents, and if neither of you knows the other one is doing this, you are both frittering away a combined $10.
50 a day, that's $210.
00 a month on coffee, doughnuts and candy.
So don't make excuses or wait for your next raise, just begin saving, and save every month.
Start by joining your retirement plan at work, and once you're contributing the maximum, use your extra cash to pay off credit cards and then build up a year's worth of spending in cash reserves. Then and only then, are you ready to begin investing for the long-term?