It's quite sad how a lot of people view retirement age as a phase in their lives that they have to live simply and frugally so as not to completely use up their retirement pensions. This doesn't have to be true in anyone's case, and no matter how old you are now, it's not too late to turn your life around and ensure that your retirement allows you to enjoy your wealth for the rest of the years of your life.
How to Convert Your Retirement into Comfortable Wealth Years of Your Life
HAVING A JOB IS NOT ENOUGH. No matter how much salary you're earning or how much you love your job, your salary won't be enough to build yourself a comfortable foundation of wealth for your retirement. It's alright to stay in your job for the rest of your life, but it's important that you invest the money you're earning as well.
MAKE YOUR MONEY WORK FOR YOU. This is one of the essential maxims advocated by bestselling Rich Dad, Poor Dad author Robert Kiyosaki. If you want to have a comfortable retirement in the future, you should start making your money work for you right now. Investing in the stock market or buying and selling real estate are some of the best ways for making your money work for you.
To properly identify whether the opportunity makes your money work for you and not vice versa, ask yourself the following questions. Do you have to work or exert a lot of effort just to avail of the opportunity? Will the money you're earning be a great deal more than what you feel you've worked for?
MAKE YOUR RETIREMENT GOALS SMART. Whatever you want to achieve for your future retirement, make sure it adheres to the following standards: specific, measurable, attainable, realistic, and time-bound.
For a goal to be specific, you must know exactly what you want. If you want to be rich, how rich do you want to be? How do you plan on attaining your goal? A goal must be measurable so that you'll be able to know whether you've fully or partially achieved your goals. If you want to be rich, exactly how much are you aiming for? Thirdly, a goal must be attainable: you must have the means or resources to attain it. Fourthly, your goal must be realistic. It must not defy the odds of reality such as searching for a magiv plan to turn garbage into dollars. Lastly, your goal must be time-bound: if you want to be rich, exactly when do you plan to achieve your goal?
GET INSURANCE AND RETIREMENT PLANS. Insurance plans are a better way of using your money than just letting it remain in your bank. Choose the one that will give you maximum return depending on your initial payment and situation. As for your retirement plan, speak with your employer or review the company's retirement plan procedures. Think of what you can do now to increase its returns.
START CUTTING COSTS. It's never too early to start leading a practical lifestyle. And the good news is that more often than not, frugal alternatives are often the healthier alternatives as well. Quitting smoking, for instance, is not only good for your health but good for your pockets as well. The same goes for indulging in too many snacks and junk food.
EVALUATE AND MONITOR YOUR SUCCESS ANNUALLY. At year's end, evaluate how well you've done or how far you've succeeded in attaining your goal. Has it been too easy or difficult for you? If so, make the necessary changes to ensure that you'll do better the next year. Constant monitoring and evaluation will ensure that you won't lose sight of your goal!
LEARN NEW SKILLS. If you know that your present job or business isn't suitable for applicable for you when you reach retirement age, it's best that you start learning now new skills that could give you a secondary source of income in the future. Your new set of skills may not just give you profitable returns but also serves as a means of entertaining yourself and giving your life purpose even if you're retired.
About the Author
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