Wealth for Life Principle No. 6: I will devise an investment plan for my retirement needs and children's education. Educating young minds for some 30 years is no small feat. But it was a love for children that inspired Larry and Brenda Breland to become schoolteachers. While educators don't always get paid their true worth, these native Mississippians managed to retire from the public school system in 2002 with $180,000 combined from their state retirement plans. The couple also owns several rental properties valued at nearly $1 million, which provides about $3,000 in monthly rental income. The Brelands have always been good about planning for the future, so it's no surprise that they were able to leave the workforce in their early 50s. "We set a goal to retire early and enjoy life after retirement,†says Brenda, age 58. Each month, the couple brings home about $5,000 a month in retirement income, including funds from their other investments–namely real estate. In 1972, they purchased land in Picayune, Mississippi, for $1,000 and sold it for more than $20,000 in 2007. It's that kind of shrewd prudence that has allowed the couple to accumulate wealth over the years. The Brelands started investing in rental properties to supplement their income. To date, they have acquired seven single-family homes and are in the process of building two duplexes. In 2008, along with their adult sons and daughter, the Brelands formed 3L Investment Group L.L.C. to acquire rental properties and business ventures and to insure that the family's assets will be passed on to future generations. Not only did the husband and wife team do a good job salting away money for their nonworking years, they also helped put their three children, Larry II, 27; Larenda, 24; and Lorenzo, 23, through college at Jackson State University. The key to the couple's success is meticulous planning and preparation. The Brelands have been married for 36 years and have talked openly about saving and investing since they first exchanged wedding vows. "We were married for 10 years before we had our first child,†says Larry, 61. "We planned it that way. For those first 10 years we went back to school to further our degrees.†During those early years, the couple focused on saving 10% of their income. "When we could save more, we did,†Larry recalls. The couple saved a portion of their earnings mostly through bank certificates of deposit, varying the maturities and interest rates. Each time a CD came due–every six to nine months or one year–they left the earnings but reinvested the rest of the money in another CD to garner higher rates of return. Brenda points out that at the time, in the 1970s and 1980s, CDs were earning 9% or more. The Brelands held about 25% of their investments in stock mutual funds and blue-chip stock through ING and Barclays; the other 75% was in CDs, savings accounts, and U.S. Treasury bonds. Through diligent saving and investing, the couple covered the tuition costs of the first three years of Larry II's and Larenda's undergraduate studies, about $28,000 each. The couple had their children take out loans their senior year to help them establish credit. Their youngest, Lorenzo, received a full four-year athletic scholarship worth about $36,000, so his parents needed to contribute little to his college costs. Overall, the Breland's diligence has paid off. They have done a fine job of fulfilling Wealth for Life Principle No. 6: I will devise an investment plan for my retirement needs and children's education. See an expanded version of this article in the October 2009 issue of Black Enterprise magazine. Wealth For Life Principles 1. I Will Live Within My Means 2. I Will Maximize My Income Potential Through Education and Training 3. I Will Effectively Manage My Budget, Credit, Debt, and Tax Obligations 4. I Will Save At Least 10% of My Income 5. I Will Use Homeownership as a Foundation For Building Wealth 6. I Will Devise An Investment Plan For My Retirement Needs And Childrens' Education 7. I Will Ensure That My Entire Family Adheres To Sensible Money Management Principles 8. I Will Support the Creation and Growth of Minority-Owned Businesses 9. I Will Guarantee My Wealth Is Passed On To Future Generations Through Proper Insurance And Estate Planning 10. I Will Strengthen My Community Through Philanthropy