Becoming A Little Bit Wealthy: How To Save For Your Retirement

The bad news is that almost half of Americans approaching retirement have nothing saved in a 401(k) or other individual account. The good news is that Doug Lynam offers sound, doable financial advice so that anyone can live comfortably and enjoy their golden years.

becoming a little bit wealthy

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Doug was a Benedictine monk for twenty years and is now Director of Educator Retirement Services for an asset management firm in Santa Fe, New Mexico. Doug is also a self-proclaimed Suffering Prevention Specialist. He will be the first to let you know that prayer may help your soul but not your savings account.

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Doug has the following advice for older people who have nothing saved:

  • build a workable budget to reduce expenses
  • clear up debt
  • increase their savings rate
  • select better retirement investments or start investing now
  • try to buy a modest home so that living costs go down as they age
  • consider relocating to a less expensive city, if possible
  • stop supporting adult children, if possible – put your own oxygen mask on first before you assist others

And for younger people who’d like to avoid this situation? Remember that the Holy Trinity of Finance is:

1) Earning

2) Saving

3) Investing Ethically

You must win at all three to build a sustainable retirement. Doug points out, “Too many people only focus on earning money. Even if you have a high income, if you don’t save and invest, you’ll always be broke – which will increase your suffering and your family’s suffering.”

Doug offers advice about saving for retirement or how anyone can get on the road to becoming a little bit wealthy. His book, From Monk to Money Manager: A Former Monk’s Financial Guide to Becoming a Little Bit Wealthy - And Why That’s Okay (Thomas Nelson, March 26, 2019), was just released. Doug’s goal is to help as many people as possible manage their money effectively – according to their highest values. Money management, done correctly, is a spiritual practice.



About the Author

Doug Lynam
Doug Lynam, Director of Educator Retirement Services at LongView Asset Management in Santa Fe, New Mexico, is a self-proclaimed Suffering Prevention Specialist. As a former Benedictine monk, Marine, and teacher, he strives to bring the highest spiritual ideals into alignment with the best of money management techniques in an easy-to-learn manner.