It's never to early to start preparing for retirement. The sooner you start, the easier it is to save and prepare and be ready for any storm that may arise. Those who never start to prepare for retirement and are relying only on Social Security may be spending their Golden Years at the Golden Arches.
Some people are thinking of living abroad to stretch their retirement dollar. Although it may seem like a good idea at the time, there are things to consider. Common sense should tell you to do your homework before moving abroad. Language, culture change since you have to conform to local customs, crime, family and friends support, and the list goes on.
Saving for retirement should be a lifelong goal, but it is never too late to start. In case you can't see it, when it comes to retirement it's all about having enough money. Unfortunately, people aren't saving enough for retirement.
Saving for retirement is a must in so many ways. The longer you live, the less buying power your SSI or employer's retirement power will have. In today's ever changing world you can't rely on these means to be there. Many may be kings when they retire but become paupers over the years.
Monday, February 24, 2014
Sunday, February 23, 2014
Simple Savings
Most people have problems saving money because they let their wants take over their needs. Being creatures that demand immediate gratification, most of us may be living beyond their needs. Add to this those who tend to keep up with the Joneses soon learn they are doomed to a lifetime of debt. Yet it really doesn't have to be like this because anybody can save a little something, and if they don't touch it except for an actual emergency, may build a healthy financial nest egg.
I came across this 52 Week Save Money Challenge that I found rather interesting. The concept is that if you save the dollar amount of that week in a year, you will have saved a total of $1378 at the end of the year. For example, the first week you put away $1, second week $2, and your total is now $3. The third week you put away $3 and you now have $6. In the 52nd week you will put away $52 and your total is close to $1400.
Now comes the hard part. You don't touch the money or treat it as a windfall. Instead you start over. By the 52nd week of the second year, your total should be at least $2756, possibly plus interest if you put it in a savings account. I also like that during the holidays is when you are supposed to save the most. This is still a manageable amount.
Most people spend hard earned money on frivolous things. Are you really getting rich on lottos and scratch-offs. The odds are against you, and even a win is usually short-lived as we see here, here, and what to expect here and here. The problem is that most big winners don't believe in accountants or financial advisors. These are a must for anybody who has a substantial amount of money.
If you still smoke, you should give it your all to quit, because aside from the health reasons, cigarettes are anywhere from $7 to $10 a pack. The health savings may keep you from the doctor visit costs.
I went from a job where the only concessions were expensive and the food was questionable, to a job where I am surrounded by a number of fine eateries. I consider myself lucky that I always packed my own lunch at my other job. I do occasionally get some food with my co-workers from various restaurants. An average meal cost about $12. My own meal on average costs $5 and I make it myself and know what goes into it. That should be self-explanatory.
Aside from saving the extra change you have in your pocket at the end of the day, consider saving bills of a certain denomination, too. Save any $1 or $5 dollar bills in your wallet at the end of the day.
Saving money isn't hard unless we are led into temptation by ourselves. We should distinguish between our needs and wants and have a sense of priorities. Saving works as long as the savings aren't eventually considered a windfall.
Moral of the story of saving money can be summed up here!
I came across this 52 Week Save Money Challenge that I found rather interesting. The concept is that if you save the dollar amount of that week in a year, you will have saved a total of $1378 at the end of the year. For example, the first week you put away $1, second week $2, and your total is now $3. The third week you put away $3 and you now have $6. In the 52nd week you will put away $52 and your total is close to $1400.
Now comes the hard part. You don't touch the money or treat it as a windfall. Instead you start over. By the 52nd week of the second year, your total should be at least $2756, possibly plus interest if you put it in a savings account. I also like that during the holidays is when you are supposed to save the most. This is still a manageable amount.
Most people spend hard earned money on frivolous things. Are you really getting rich on lottos and scratch-offs. The odds are against you, and even a win is usually short-lived as we see here, here, and what to expect here and here. The problem is that most big winners don't believe in accountants or financial advisors. These are a must for anybody who has a substantial amount of money.
If you still smoke, you should give it your all to quit, because aside from the health reasons, cigarettes are anywhere from $7 to $10 a pack. The health savings may keep you from the doctor visit costs.
I went from a job where the only concessions were expensive and the food was questionable, to a job where I am surrounded by a number of fine eateries. I consider myself lucky that I always packed my own lunch at my other job. I do occasionally get some food with my co-workers from various restaurants. An average meal cost about $12. My own meal on average costs $5 and I make it myself and know what goes into it. That should be self-explanatory.
Aside from saving the extra change you have in your pocket at the end of the day, consider saving bills of a certain denomination, too. Save any $1 or $5 dollar bills in your wallet at the end of the day.
Saving money isn't hard unless we are led into temptation by ourselves. We should distinguish between our needs and wants and have a sense of priorities. Saving works as long as the savings aren't eventually considered a windfall.
Moral of the story of saving money can be summed up here!
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