One of my relative’s in-laws grew up wealthy. She once told me that I was lucky to be able to retire so young at 55. Unsurprised by her cluelessness, I just smiled. Luck is always a factor in life, but it isn’t usually the main factor in business success or accumulation of wealth.

  I grew up in blue-collar, hard hat neighborhoods. My father was an immigrant, as were all my grandparents. One grandfather was a tailor, the other a construction worker. They came here to live the American dream and worked very hard, much harder than native born Americans. I’m proud of them.

  I also had a large extended family with 13 aunts and uncles, plus their spouses, and dozens of cousins. I was the first one to attend college, working full time nearly all the way through my master’s degree at GSU.

  I had two big things going for me: intelligent parents who wanted upward mobility for me and a supportive wife (I got married at 18). That’s not true for many Americans who come from unstable home situations.

  I was also fortunate to have good friends along the way to my ultimate job as a SVP for a corporation. One was a young, well-connected Washington insider who, having already held high level jobs with a prominent Senator and the Reagan administration, ended up as a highly paid lobbyist.

  I was with him at a DC meeting one night several decades ago when he offered me a lift to my hotel. I expected to be riding in a Porsche or a Bentley, which were what my bosses drove. He picked me up in a 4-cylinder small Chevy truck.

  Loosened up by a couple of drinks, I asked him why he drove that truck when he could easily afford a Benz. He told me that he planned to retire in 15 years at 55 and get a doctorate.

  I was astounded. He and I were the same age; both of us came from humble beginnings. We both made good money, but I figured that I would work all my life. So, I asked him how he intended to retire so young.

  He answered: make savings a top priority. He was putting up 20% of his income and had been for many years. I began to do the same, retiring at 55, as did he. Both of us stayed active. In my case, I was a County Commissioner for 8 years, have been on several boards and had over 500 columns in papers and magazines nationwide.

  I have many friends and relatives who have not been as fortunate, making different retirement planning decisions (or, more aptly, not making any decisions at all in their youth and middle age) … and then regretting them when they were seniors. They discovered too late that Social Security alone will not give someone a comfortable retirement. And, that is why I’m writing this column.

  Wealthy people have always had it made, although they commonly complain about their taxes, poor things. Trump may say he’s a self-made man, but his father gave him what amounts to over $413 million over the years. And, Daddy’s money got him into fine colleges which he did not qualify for otherwise.

  Lower- and middle-income parents should talk to their children about what it takes for the average person to succeed in America: a good education in a subject area where there are job opportunities, along with drive. Be honest with them. Yes, one must follow their passion, but not at the expense of being unable to pay the bills.

  Boston College’s Center for Retirement Research estimates that 52% of Americans will not have enough money to retire and maintain their living standard. Currently, average savings for people entering retirement are only $95,776.

  Colleges should be having mandatory courses in long term investing and saving for retirement. It should be drilled into students’ heads at an early age. Yes, they will be resistant, but at a minimum they need to be presented with the facts.

  I’m not talking about speculation. The market goes down, then it goes up, then it goes down, then it goes up. But overall, the stock market as a whole rises substantially over time. In the last 50 years, the S&P 500 has gone from 684 in June of 1969 to 2942 this June.If students are shown how wealth increases via a stock market index fund, that’s a good start.

  In summary, long term career and financial planning is a key to business success and a comfortable retirement. Individuals and families should be aware of this fact.