Wealth-building wisdom from the pages of our latest book, Trump University Wealth Building 101

As I’ve discovered, investing is hard work if you want to be successful over the long haul. It’s easy to make a lot of money under the right conditions, but even easier to lose much more (and much faster, too) when the markets turn against you.

That is why you need to get some simple strategies in place for safeguarding the funds you really need the most - the funds you need for retirement.

Step One: Save as Much as You Reasonably Can

To reach financial independence in the future, be it at 65, 55, or 45, you need to live below your means now. Yes, it's that simple. Curb your spending -- without being a nut about it. Save at least 10 percent of your annual income, and preferably 20 percent or more, depending on your current income, your age, and your future needs.

Assuming that your investment portfolio appreciates 8 percent a year on average -- a reasonable expectation -- each $1,000 saved and invested this year will double in nine years, double again in 18 and double again in 27, to $8,000. That's the power of investment growth, compounding year after year.

Step Two: Recognize the Importance of Growing Your Wealth in More than One Area

If you're an employee, take full advantage of whatever opportunities your company offers for saving and investment, such as a 401(k), 403(b), or other employer plan, where earnings will grow free of tax until you withdraw the money. In addition, if you're employed but have a part-time business, you can start and contribute to another retirement plan, too, such as a simplified employee pension (SEP) IRA, a SIMPLE-IRA, or a Self-Employed 401 (k).

Even if you have your own business, it's only good sense to set some money aside for long-term investment. True, entrepreneurs often have the best opportunities for wealth creation by putting their money into and growing their own businesses. Yet the risk of failure here can also be high, so it's wise to diversify your avenues for wealth building.

Don't make the all-too-common mistake, popularized in recent years, of thinking that your home is your best investment, and that it will pay for your retirement. Your home may well be your biggest asset, and it contributes a lot to your peace of mind. But just because the price you can get for it today or in the future may be much higher than you paid, it doesn't mean you've made a big profit. Reason: A home costs much more to buy and operate -- out of pocket, year after year, aside from tax benefits -- than most people realize because of mortgage interest, taxes, insurance, repairs, renovation, and so on.

Remember, investing for retirement isn’t rocket science. You don’t need to be a genius, you just need to learn how to succeed.