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.
TOP PERSONAL FINANCE READS
- Earning Quick Cash-Ways to Earn $100 in a day Legally Without Investment at One Cent at a Time
- Work-Life Balance at My Multiple Incomes
- Listen Up Women; Take Control of Your Own Money Finances at Everything Finance
- Avoid the Biggest Mistake of Early Retirement at Good Financial Cents
- Managing your 401K or IRA; Does Moving Money Around Everyday Really Help Your Returns? at the Free Financial Advisor
- 12 Things to Stop Doing to Save Money at My Dollar Plan
- 10 Easy Tips for Cutting Household Bills and Wealth Building at Extra Money Blog
- Why Your Financial Plan Sucks at Boomer and Echo
- All That Glitters….. at Thomas J. Stanley, PhD Blog
- 10 Reasons Why it’s Easier to Build Wealth Now at Street Smart Finance
Barb Across the Blogosphere
- Wise Bread - Best money Tips
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- Carnival of Money Pros at My Family Finances
- Y & T’s Weekend Ramblings at Young and Thrifty
- Wealth Artisan’s FinCarnival at Wealth Artison
- Yakezie Carnival at The Ultimate Juggle
- Carnival of MoneyPros at My Family Finances
- Carnival of Retirement at My Personal Finance Journey
- Wealth Artisan’s FinCarnival at Wealth Artison
- Yakezie Carnival at Passive Income to Retire
- Carnival of Retirement at Master the Art of Saving
- Carnival of Financial Camaraderie at Modest Money
- Totally Money Carnival at Money Challenge
How are you planning for retirement?
image credit; google images cars revolution dot com
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.
krantcents recently posted..Friday Night Links: Olympic Medals Edition
@Kranc-Call me “old fashioned” about money too
I don’t believe in flaunting wealth.
Barbara Friedberg recently posted..RETIREMENT TIPS and Links to Personal Finance Resources
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!
Lance @ Money Life and More recently posted..It Pays to Ask For More – Coke Zero Commercial “And…?”
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.
Shilpan recently posted..10 Reasons Why it’s Easier to Build Wealth Now
@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.
Barbara Friedberg recently posted..RETIREMENT TIPS and Links to Personal Finance Resources
Thanks for the mention! Have a nice rest of the weekend
SB @ One Cent At A Time recently posted..The Dangers of Going Without Home Insurance