Become an Owner, Not a Loaner
Retirement planning appears to be one of the most least considered area of most peoples financial objectives. Maybe, because it seems to be to far away to worth worrying about, it's an area often subject to procrastination.
Most people equate retirement planning to Superannuation. This is not the case. Retirement planning is having the right goals and objectives but, more importantly, adopting the right strategy.
The foremost important strategy to learn when planning for your retirement is to understand the key concept of becoming an owner, not a loaner.
Most people are "loaners". They invest their money into what they consider to be "safe" investments, usually the banks or term deposit accounts. These institutions take that money, pay a very low rate for the privilege, around 2 - 4% then loan that money out to their own customers for a much higher percent. Or, they invest directly in the economy by investing directly into the share market. Basically, major financial institutions pay you next to nothing - but make a hefty profit for themselves and ultimately their shareholder's.
Understanding this difference and becoming more active in the investment process in using your money to work for you rather than the banks is a vital strategy to utilise in your endeavour to achieve financial success.