Strategies to Begin Saving for Retirement.

It is never too late, or never too early to start saving for retirement. Of course, the earlier the better though. If you are reading this right now and you haven’t put anything in motion towards building a retirement fund, you have been missing a lot of opportunities. It is great to be young and have lots of fun, but the two greatest assets of youth are often squandered. That is health and time. And time is the one thing that you can never get back. Looking back, most people are filled with regret over times when all they needed to do was invest a little bit of beer money into a fund or a stock. They would have made a fortune by now without any effort. There are many ways you can begin building up a war chest for your golden years, here are a few basics.

  • Expert Advice: The best way to get time on your side is to seek out reputable advice from experts. The lessons of the past are available today, and you don’t have to make your own mistakes. There are several services, funds, and brokers that have much better ability than you do to multiply your assets. Organisations like Lincoln Indicators are in the business of making money. Investing in a fund is the easiest way to make a steady return on your investment. Or if you prefer a more hands on approach, you can follow expert advice and use a broker to guide your choices. Attempting to navigate the stock market on your own is full of risk and your odds at beating the experts is close to zero.
  • Put Away 15%:  This simple piece of advice will likely provide you with a very comfortable retirement plan, if you were to stick to it from your 20’s. But it is never too late to make some gains. Young people think that they need all their money. There are just so many things to buy, and you only have so little already. Delayed gratification is the greatest indicator of a person’s future success. If you can manage to forgo some consumer joy in the present, you will be rewarded many times over in later life. Learn to live within a budget. And then invest 15% towards long term investments. You will be so happy you did.
  • Learn How to Navigate Expenses: The big-ticket items in this world are not created equal. Some investments pay you back, and some keep taking more. Real estate is usually the most expensive thing we purchase, but real estate is usually safe, and is often a money maker. Whereas vehicles and entertainment items can be like a hole you throw money into. Alcohol, expensive food, fashion, and travel are also great robbers of capital. Don’t live like a monk, but be aware of the price of vanity.

The best thing you can do to start building up a fund is to convince yourself that you owe this debt to your future self. The young you will be having most of the fun. But you can extend your joy into old age, and pass it down, if you agree to set aside a little bit now. 

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