RETIREMENT TIPS and Links to Personal Finance Resources



RETIREMENT

Retirement is unavoidable. Whether you want to or not, everyone will retire, either by choice or necessity. My dad was of the camp that believed, “I’m never going to retire”, and then he had a stroke. It was really sad, but retirement came to him through necessity. Fortunately, he was planful and was financially prepared when the time came. Others are not so lucky.

Today at Benzinga.com I published an article, FIVE QUICK TIPS TO BOOST RETIREMENT SAVINGS. In that article I showed how starting early and investing consistently can lead to great long term wealth. The suggestions to boost retirement savings aren’t impossible, but require some attitude changes. You need to change your mindset from “If I want it, I should buy it,” to “Let me think before I buy and determine whether this spending will move my life forward.”

The article elaborates on 5 Tips:

  • Increase retirement saving
  • Cut back on spending
  • Earn more
  • Boost skills
  • Be patient and stay the course

Wealth building isn’t rocket science. It requires choices, if you buy something now, you are making a choice to forgo future wealth and the opportunity to spend on something else later.

IF YOU WEREN’T SAVING FOR RETIREMENT, WOULD YOU DRIVE A RED MERCEDES SPORTS CAR?

Yesterday I noticed a bright red brand new Mercedes sports car in the parking lot of the neighboring apartment complex. This car was beautiful. As is my habit, I wondered what the owner did for a living. These thoughts went through my mind, “Did the driver obtain the car with cash, a loan, or a lease? Is the driver a renter or does he own real estate? What is he/she giving up to drive the red Mercedes? Is he a multi millionaire?”

The only answer that makes driving that car reasonable (to me) is that he is a multi-millionaire with other real estate and investments or that he sells cars for a living and it’s a demo.

I don’t care how much pleasure the driver is presently getting from the Mercedes, if he isn’t preparing for retirement, he’s going to regret this extravagance somewhere along the road.

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How are you planning for retirement?

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6 Responses to RETIREMENT TIPS and Links to Personal Finance Resources
  1. krantcents
    July 27, 2012 | 5:07 pm

    There is a black Mercedes (SL) and BMW (750) parked in the garage of a condo next to our complex. Roughly $225K of cars! I found out that the young people who “own” them rent the condo. I find that curious, having those expensive cars and renting. They are very young, they look like 30 years old.
    I find it odd because I grew up with rich people who own things and do not need to show off with fancy cars. Perhaps a little old fashioned.

  2. Barbara Friedberg
    July 27, 2012 | 7:58 pm

    @Kranc-Call me “old fashioned” about money too :) I don’t believe in flaunting wealth.

  3. Lance @ Money Life and More
    July 27, 2012 | 9:02 pm

    I’m saving up for retirement with a good chunk of my current income. I’m only in my twenties so I might be a bit weird but I hope it pays off in the long run!

  4. Shilpan
    July 27, 2012 | 9:50 pm

    Barbara, I am honored to get mention from you. I think we make choices everyday as soon as we wake up. In fact, rich people are rich not because of their IQ but for the right choices they make. If you have uncanny ability to make right choices in your life, you can become successful even with high school education. Our retirement speaks volume about choices we make throughout our lives.

  5. Barbara Friedberg
    July 28, 2012 | 10:51 am

    @Lance, If you’re wierd, so am I… At 25 I was the youngest member in a retirement seminar filled with 60 and 70 year olds. My smart money habits TOTALLY PAID OFF :)
    @Shilpan-Beautifully put comment. Make smart money choices every day… the good habits will offset the setbacks and you will end up rich.

  6. SB @ One Cent At A Time
    July 28, 2012 | 10:01 pm

    Thanks for the mention! Have a nice rest of the weekend

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