How come some people can retire at 50? Or not lose your shirt when there is a stock market crash?

Why are some people able to earn high incomes or even have “multiple streams of income”?

How is it that some people retire to a life of luxury and travel the world, while others barely have enough to eat and shelter?

Of course, part of the answer is that some people are smarter and more hard-working than others. No matter what they say, we are not all the same. We may have been created equal, but no one has ever guaranteed us equality of results. That depends on our own efforts.

Another part of the answer is that some people consider the risks they will face and do something before they occur to mitigate the damage. One obvious way to do this is to buy the right types and amount of insurance to protect your home, your health, and your life, if you have an income stream to protect.

Less obvious, but still a very useful plan is to become an expert in whatever you choose to do, in order to make yourself indispensable to your employer.

If you work for yourself, you want to be the best at whatever you’re doing, from practicing medicine to baking bread. You must also have the willingness to persevere and work long hours to achieve success.

Another part of the answer is to have a plan. Some people get up in the morning and get carried away with the events of the day. Others plan what they will do with their lives and stick to it.

They will learn about investing and how to diversify so that when one asset goes down, another stays up or up. Or they will hire financial professionals to do the work for them.

They save as much money as possible, using all the tax-sheltered vehicles allowed, including 401-Ks, IRAs, health savings plans, and 529 education savings plans. And then they’ll invest even more in taxable accounts.

They live well within their means. Some like Warren Buffet, one of the richest men in the world, live far below their own. They will use credit wisely or not at all.

Successful people will invest in businesses, rent real estate, or work part-time, while keeping their full-time job just to have multiple sources of income. If you get lost, your world doesn’t come to an end.

Many people play the lottery and hope to get rich. The sad reality is that many think that this is the only way to get rich. But anyone with the will can find the way.

Our public libraries are full of books on how to invest, how to insure, how to set up a financial plan, or how to start and run a business.

Many employers have tuition reimbursement plans: they will pay you if you want to improve. Or community colleges offer free adult education courses to help you learn new skills or improve old ones.

The internet now makes it easy to create an online business while continuing with your day job.

The bottom line is that you have to trust yourself to earn and save as much as possible. If you do, you may be one of the “lucky ones” retiring young with lots of money to spend.

If you don’t, you’ll live up to your Social Security check.

The choice is yours.

For more articles on financial planning, visit http://www.credit-yourself.com/financial-planning.html