BOSTON (CBS) – Yesterday was all about getting healthy, today let’s talk about the wealthy and wise part.

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If the Lottery is your retirement planning, I want you to rethink your strategy. For the most part, the Lottery is just entertainment allowing you to dream about being wealthy. And if you ever win the lottery hire yourself a Certified Financial Planner to help you become wise about money.

Here are some easy steps to follow to becoming wealthy and the younger you are when you start the easier it will become.

  1. Set goals. Where do you want to be in one year, 5, and 10? If you are coupled, do you have the same goals?
  2. Figure out your net worth and do it annually. Write down everything you own, your assets and everything you owe, your liabilities. Subtract the liabilities from the assets. This is your net worth. The invested assets like your savings or 401(K) help you reach your goals, the other assets you use such as your car or house.
  3. Work on a cash flow, this is your budget. Where does your paycheck go each week? You want money left over so you can save. A savings rate of 10% or more will assure you a comfortable retirement. It’s the dollars you have left after paying your bills that will make you wealthy.
  4. Pay off your credit card debt. Credit cards will de-rail your chances of ever becoming wealthy. If you are like so many Americans, you may be carrying a lot of credit card debt and you may have used your credit card to pay for the wonderful Christmas. Pay more than the minimum each month and pay off the highest interest rate card first.
  5. Set up an automatic savings plans. This could be your retirement plan such as your 401(k), a savings account of some kind. Whatever you choose it can be done without you having to have the discipline to write the check each week. If there is a company match for your 401(k) at least contribute to the match amount.
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You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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