In honor of 2010, the Wall Street Journal provides a year-long guide to fixing your finances. (See article). While I would normally enjoy pontificating over these common sense steps, I have very little to add here…but..oh wait, I do feel the need to put in a word here about retirement savings.
The past couple of years have been rough for retirement savings. While most will likely stay the course in 2010 and continue saving,
some may be tempted to cash out and play to lottery or try a Madoff-style investment in order to get rich quick. The fact of the matter is nobody gets rich quick. There is no magic bullet. If monthly retirement saving seems boring, well, that's because it often is. If the quarterly 401(k) or IRA statement is not jumping out at you with a 25 percent rate of return, that is to be expected.
Let 2010 be the year of common sense…save regularly, don't time the market, and as Warren Buffet once said, “Beware of geeks bearing formulas.”