Planning your retirement as early on as you can ensure success – if you leave things to chance, then there’s every chance that things won’t turn out like you may have visualized, and life could become a little difficult. Below, we’ll mention 7 things you need to think about to plan your retirement properly now. It doesn’t matter how young you think you are, the sooner you start to plan, the better. Take a look and get started:
What Sort Of Lifestyle Would You Like To Lead?
Think about the kind of lifestyle you would like to lead. Do you want to go on cruises and treat your grandchildren? Do you want to live a modest life? The more luxury you plan on enjoying during retirement, the more money you will undoubtedly need. Having more is always better than having less regardless, so figure out the amount you will need, write it down, and come up with a plan to work towards it now.
Will you live in the same house you live in now? Do you want to live abroad and buy a condo? Make sure you consider where you want to be and where you picture your life during your retirement years. Your plans might change at some point, so consider whether this is likely. If it is, then you’ll want to make sure you have enough money for every eventuality.
How Can You Start Working Towards Your Financial Goals Now?
There are going to be plenty of ways you can start working towards your financial goals now. You can start taking baby steps, but the sooner you start, the better. You could start by:
- Opening a high-interest savings account
- Making small investments
- Looking into property investments
- Improving your credit rating
- Paying off debts
- Finding streams of passive income
Research the above options and see what you can do. It might seem overwhelming to you right now, but as long as you take your time and take one step at a time, you’ll be heading in the right direction. Don’t let fear paralyze you!
Do You Think You Will Need Help?
There is a possibility that you may need help in your old age. People don’t usually like to consider this, but it could happen. You may need to hire people to make lunch for you, clean, and put you to bed if you’re not too mobile. The best thing you can do is start taking care of yourself now to avoid this, but you never quite know what the future holds. Having extra cash for something like this can help.
Can You Clear Your Debts ASAP?
Clearing your debts as soon as possible means you’ll avoid paying extortionate interest rates and that you’ll have more money to put towards your retirement fund. It’s always a good idea to pay these off first, as interest rates are usually sky high – you can then focus on putting money into your retirement fund and watch that build up. If you can aggressively pay off your debts, do that sooner rather than later.
How Will You Protect Your Loved Ones?
Figuring out how you’re going to protect your loved ones may also be important to you. What if you are no longer there to help them? Health and life insurance can be good options if you’re worried about how they will cope. The earlier on you get them, the cheaper they tend to be. Just make sure you compare policies and ensure they are right for you. Always check the small print, too.
How Can You Improve Your Overall Financial Wellbeing?
As well as looking at ways to put money into your retirement fund, you should always look for ways to improve your financial wellbeing. Looking at your budget/finances every month or so will ensure you don’t let things slide or become complacent. Can you reduce your spending and stop lifestyle inflation in any way? Can you cancel some subscriptions and come up with alternatives? Avoid lifestyle inflation at all costs – it seems like the natural thing to do as you get older and make more money, but that money should be going towards retirement plans. Keeping things modest and simple will go a long way to helping you in future.
What else are you thinking about as you plan for retirement? Planning as early as possible is key to making sure you can live the future you want. Leave your thoughts below!
As a parent business owner, you do not get a minute to yourself anymore. You’re constantly working, looking after your kids, or just generally being busy. But as 2019 comes to a close, it’s time to stop and reflect. It’s time to think about your year, maybe even your life, and evaluate how you got here and where you want to go in the future. There are a lot of benefits for taking the time to stop and reflect, so let’s cover them now.
Renewed Focus and Clarity
Retrospection is an important part of maintaining focus and clarity. If you take the time to think about your year, you will probably finish by having a renewed idea of where you want to go as a business owner and a parent. You look at all the events that led to this point in the year, you reflect on how they made you feel, and the decisions you took, and ultimately you arrive at the conclusions that will serve you well in the future.
Appreciation For What You Have
Taking the time to stop and reflect on the year will give you an appreciation for what you have even more. It’s not difficult to see how people could be appreciative of the things they have in their lives, but sometimes it’s easy to forget exactly how important something is. You become so fixated on moving forward and progressing that you stop to remember why it is you’re progressing in the first place.
Stopping in reflecting is good in this regard because it helps you to realise what it is that you still have. You walk away with a new appreciation of the people and the things in your life you take for granted, and that’s fantastic.
You might not know this, but stopping in to reflect on your year is a sign of maturity and helps to better self-worth. If you look at your year as being a collection of experiences, both good and bad, then you start to appreciate just exactly what you’ve managed to get through. You can see your journey from the beginning of the year to the end, and this usually makes you feel better about the bad things, and remind you that you’re a pretty great person.
So overall, these are just a few other different reasons why you should stop and reflect at the end of the year. It’s important to understand where you’ve been to figure out where you’re going, and a lot of people just don’t do this. They don’t stop and think about the important things in life, and so they often struggle when it comes to getting the most from their experiences. What you have to try and figure out is that when it comes to reflection, it’s important, to be honest. Look at your year objectively. You need to understand where you could’ve improved, what you need to do to make 2020 better, and above all else how you feel about life.
How comparing yourself to others can ruin your confidence
We all have bad habits however some of the bad habits we have can unwittingly slowly ruin your confidence comparing yourself to others is one of those bad habits.
In this video I discuss; How comparing yourself to others can ruin your confidence
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