There are three main roads to riches in our lives, along with a bridge out and a few potholes along the way.

The first road is that of the steady long-term investor, who puts away a little every month for decades and has a surprising nest egg when it’s needed.

We all know the theory, but the truth is, it works. Setting aside $250 a month starting at age 25 will be worth about $ 0.5 million in today’s dollars by age 65. That’s enough to provide a pre-tax retirement income of about $36,000 per year, inflation protected until age 90. While it doesn’t seem like a lot, it can be surprisingly hard to put away $250 a month with mortgages, young families, and a host of other expenses. And $36,000 will go farther than it sounds with the house paid off and no kids’ costs. If that’s not enough, then scale it up — $500 a month will get you about $1 million to retire on and a retirement income of $72,000 per year with today’s buying power.

The second road is entrepreneurial — start a business that will provide a healthy income once past the survival stage, and continue to pay after retirement or be sold as a retirement fund top-up. Bill Gates and Warren Buffet are this strategy’s poster boys, but there are many local businesses that will also fit into this category. It’s a riskier route unless combined with the first road, as many small businesses don’t make it.

The third road is working overseas. Canadians with more than five years of experience in the “right” professions can move outside North America, become non-residents, and save most of what they make. For practical purposes, think of banking 100% to 200% of your current gross pay. How? The pay is higher. Your cost of living is covered to a high standard. And taxes are lower — rates for many overseas or “expat” contracts are from 0% to 30%. There are drawbacks, of course. You have to have the right profession: perhaps teaching, engineering, computers, or a trade. You have to live somewhere not as nice as the Okanagan. And you’re far from family and friends.

Some people combine the paths. I have friends who retired in their fifties after saving diligently for years, and they are now teaching overseas. Wow!

There is also a potential bridge out on any of these roads, related to the ability to live below your means. Not within, but below. It is the ability to spend less than you are earning, and invest or re-invest it so that it grows rather than being consumed in fine houses and expensive toys.

So be a wealthy barber, not a Leon Spinks (a penniless former Olympic boxing star). Your financial planner can help by working with you to create a roadmap to your success. They can help you stay on track and provide conservative and innovative strategies for investment, tax minimization and risk management for individuals, families and businesses. Choose to follow one of the roads to riches and enjoy arriving at the destination you deserve.