Your Information: Your Message: Message 11.25.12 Opportunities (Let's Make Lots of Money) Everyone is often so quick to provide you with investment advice. Obviously, there are some good suggestions along with the bad. How do you know who to listen to? Here are some investing rules you just might want to ignore. Age-old advice from my grand-father: ALWAYS PAY YOURSELF FIRST. THE SEVENTY-PERCENT RULE: It's been said that in order to comfortably retire, you will need 70% of your working income. But why would you need that much if your children have moved out and your mortgage has already been paid off? If you work out the numbers, in fact you only need about 50% of your income, or 40-45% if you earned a higher income. SAVE TEN-PERCENT OF YOUR INCOME: This rule may have worked back in the day. However, as pensions are being pinched each and every year, this rule applies less and less. It also highly depends on your age. If you are currently in your 20s, then saving 6% of your income will suffice. If you start saving in your 40s, that percentage triples to 18%. FIRST SAY "I DO": Perhaps your parents purchased their first home after they were wed, as I know mine followed this conventional wisdom. Today, things are different. People are getting married a lot later in their lives and it is becoming more and more common for singles to buy their first property on their own. The earlier you can enter