Too many of us do not focus on retirement planning and leave it until it’s too late. We are talking about your secure financial future.
To hold off on making good financial decisions is paramount to ensure a peaceful, contented, worry-free financial retirement when the time comes. Here are a few thoughts that may be worth looking into. If you find yourself in this predicament, share it with your children and find a way to enlighten others so that they do not make the same mistakes:
- Start early
When is the earliest to begin investing in our future? Well the answer is as early possible and if time has passed us by then that time is today. Time waits for no man so begin making good financial decisions now!Find a professional you can trust
2. Find a professional you can Trust
Too many “fly by nighter’s” want to help you with your financial future but are they simply looking to make a quick buck out of you? If you have someone in mind then don’t listen to their sweet talk but look a little deeper. Are they stable financially? Are they investing your money in respectable financial institutions? There are a host of other things to look at. Forget the charm go with your gut and what you see outside of the persona.
3. Don’t underestimate inflation
Prices increase and the buying power of your money decreases over time. Unless you own your own bank and you can help yourself to as much as you want, you have to consider the impact of inflation.
4. Regularly re-visit your plan
As I said earlier, time flies and when you are having fun you forget the important things such as retirement planning. Schedule your annual meetings, get the reports and make time to look at the content. It is really important that you do so.
5. Invest a %
If you start early and invest a % of your income diligently every year from the first day you begin to earn an income, then you are on the road to financial freedom and success.
6. Manage your budget & spend
As a young person I was absolutely pathetic at doing so and constantly had to take loans to settle my debt that I never had under control.
Stop living beyond what you can afford. Often it is the “stuff” of life that do not make us better people but simply inflate our ego’s that put us into debt. If you cannot afford it, don’t buy it!
7. Magic of compound interestParagraph
The magic here is when we begin to earn interest on interest but there is one factor that is critical in this equation. We need to have time added. The sooner we start, the sooner we can begin to build the long-term benefits of compound interest.
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