Right now, in this moment and at this age, the world is your oyster! You can explore, experiment, invest and innovate a lot of exciting ventures. Also, the best time to start earning and saving, the benefits of investing and saving are best reaped when you start early.
Points To Remember
But before you go galloping towards experiments, have a sound safe backup retirement plan which will allow you to have a plan B if things go south. To make the retirement plan, keep in mind the following key points.
Analyze your cost, future aims, the required financial status at the time of retirement, and the current earning scenario. Then cut down extra costs and start budgeting to save some extra bucks.
Refinance current ongoing loans and mortgages, reduce the interest rate and limit the use of credit cards. Do proper tax planning and save more and more tax on your income.
Create a retirement fund, invest the same into various financial instruments such as stocks, bonds, land, or gold, and maximize the returns on the same.
Don’t use the retirement fund for any other occasion such as marriage, child’s education, or buying a house.
Do steady investments and saving for your retirement, but don’t stop as slow and steady wins the race
Determine your risk appetite because you invest your retirement fund into any market instrument. Do proper research before you do so
Remember you have the benefit of compounding interest, as you are investing early. You can easily get the benefit of the power of compounding, which reinvests your initial investment along with the earned return to steadily increasing the value of the investment.
Conclusion
Educate yourself, read books on financial planning, create funds for retirement, assess your goals and work towards them, and by the time you reach retirement age, you will achieve it all.
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