It seems like every time we get an opportunity to save some money, something always comes up. While we can?t stop those things from happening, we can learn how to build a wining financial game plan that won?t get sidetracked by life?s detours.
Many people will earn a fortune over their lifetime and will still end up with virtually nothing to retire on. For instance, if you earn $600 per week, you will have over $1,200,000 pass through your hands in an average working lifetime of 40 years!
One of the secrets of getting off correctly planning for retirement, is not squandering sums of money normally regarded as too small to be significant.
If you?re approaching your mid-forties, you?ve probably already worked 20 years. If so, you are halfway to retirement. Ask yourself if you have presently accumulated at least half of what you need to live on for the rest of your life. Statistics show that most people haven?t. And working harder isn?t the answer, investing smarter is!
So if you?re ready, let?s get started with the retirement investing principles that can help you reach your financial goals!
Principle #1 in the Investment Advice: Retirement Investing For Everyone series is:
Pay Yourself First
By paying yourself first I mean putting 10% of your income towards your savings and investments before anything else. By doing this, you?re putting yourself and your family ahead of your creditors. Otherwise you might find, like many others, that you have too much month left at the end of the money.
Now I?m not advocating not paying your bills. It?s just that it always seemed to me, when I paid my bills first, there was never any money left to save or invest with. But when I paid myself first, I still found the money to pay the bills.
The first place for your 10% is to build up approximately three months or more of living expenses in a savings account. This is not a financial investment, it?s an emergency fund. This is here so you won?t have to sell any investments later on to pay for any personal emergencies that might arise.
Another example of paying yourself first is to live below your means. For instance, when you get a raise, put a good portion, if not all of it toward your retirement nest egg. If you were getting along fine before the raise, don?t waste it, invest it!
Disclaimer
In an attempt to provide the reader with accurate information, material has been obtained from sources believed to be reliable; however, the accuracy and completeness, and the opinions based thereon, are not, cannot and will not be guaranteed.
All examples in this text are hypothetical. Any negative statements or criticisms of individuals or organizations is unintentional. The information contained in this text represents the opinion of the author and is to be accepted as opinion only. It is not intended to provide legal, accounting or financial advice for individual readers.
Each individual?s financial needs are different. This text is not meant to be utilized as a substitute for a sound financial plan. An individual financial plan should be developed only after consultation with a qualified professional.
by: David P. Schloss
Source: http://yourinvestmentadvice.com/investment-advice-principle-1-pay-yourself-first/
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