Retirement Mysteries Without Any Clues
Take the mystery out of retirement planning…there is no mystery, but plenty of clues.
Clue #1 – If you want to retire someday you will need an ample supply of money.
Clue #2 – It takes a lifetime of saving and investing to accumulate enough money to afford to retire.
Clue #4 – You only have working years to accumulate retirement money.
Clue #5 – Your retirement years are for the distribution of that money.
That’s it, retirement mystery solved; it will take all of your working years to raise enough money to be able to stop working someday.
Financially surviving your working years takes everything you’ve got, how the heck are you supposed to also save money for your retirement years? Start by getting useful financial advice.
Follow Useful Financial Advice
Take Advantage Of The Market
Let compounding do your work for you. If you start investing for retirement when you get your first W2 form, compounding will do the rest of the work for you.
Invest Until It Hurts
Invest every dollar you can find. Go out of your way to find extra money to invest into your retirement plan. Skimp on everything else so you can feed your retirement plan.
- Cut back on excessive spending. Only buy based on needs, not wants.
- Be practical. Yes you want a $600 pair of shoes, but a $50 pair will do just fine.
- Only buy sale items. Everything eventually goes on sale.
- Watch fees you pay on bank services, credit cards and investment accounts.
Small Amounts Are Okay
Investors make the mistake of thinking they have to invest large amounts of money for it to really matter. That logic is so misleading.
Small amounts of money invested over a long period of time will add up. If you wait until you have a large amount of money to invest, you will be financially lagging the investor who invested small amounts over time.
Ignore Market Conditions
Another big mistake many investors make is they stop investing when the market tanks. That is such a financial no-no. The best time to invest is when the market is in a slump because you are buying when everyone else is selling. The next time the market drops, buy.
Financial planners are constantly telling their clients to understand what they are investing in. You put yourself into such a weak financial position when you invest in something you know nothing about.
Take a financial class, learn about mutual funds, stocks, bonds, 401ks, IRAs, retirement calculators. Learn the difference between a good investment and a bad one. It’s your money, don’t you want to know what’s happening to it.
The Only Mystery Left
The only mystery about retirement is whether or not you will take the time to follow the clues, get useful financial advice, get a financial education and keep investing. No one cares about your retirement as much as you do…never, ever forget that.