Retirement planning takes time. It takes a number of years to save a substantial sum and even more for the magic of compounding to become apparent.

Don't wait to begin saving for retirement. Save what you can now instead of waiting until you strike it rich or are magically motivated to learn about investing.

"Put $50 a month into a 401(k) plan. That is better than doing nothing; it adds up," says Herbert Hopwood, president of Hopwood Financial Services in Great Falls, Va.

Retirement planning is not all or nothing. It's a process. The sooner you start, the less you have to save in the long run. Aggressive investing can amplify your savings, but it's not a miracle.

On that note ... see commandment VII.