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After years of hard work, it’s only fair that you envision a comfortable and secure future for yourself. Don’t get left out in the cold by not preparing for that future now. Ron Bakir, CEO of HomeGroup and an entrepreneur from the age of 17 is well aware of what it takes to be a financial success and build yourself a prosperous future. Taking a leaf out of his book, here are five tips on how you can get started on setting yourself up for retirement:
1. Plan, Save and Repeat
First things first. You will get absolutely nowhere if you don’t save your money. There’s nothing wrong with having a fun, free lifestyle but as doctors like to tell us, everything in moderation. Being a planner also means being a saver; create a budget, set short-term goals and most importantly, stick to them! You’ll only have yourself to blame if you don’t put in the hard work by saving.
2. Avoid Unnecessary Debt
In accordance with the first tip, avoid all unnecessary, consumer debt. This doesn’t include large investments such as a home or car; instead, avoid maxing out your credit cards on items such as holidays, clothes and/or electronics. It’s all about living within your means and being committed to saving. Try creating a list of regular purchases that you could live without; will your quality of life really suffer if you don’t buy that magazine?
3. Don’t Touch
Once you have put in the hard yards and allocated a portion of your income as savings, ensure that it stays that way by setting up a bank account with restricted access. Even if you have the temptation to dip into your savings, you will be locked out for maybe just enough time to reconsider your decision!
4. Become Financially Savvy
It’s fair to say that Ron Bakir didn’t go from selling mobile phones to CEO of HomeCorp without knowing a thing or two about business and finances. Educate yourself as much as you can through books, online material or even a course. If you are still unsure, consider consulting a financial planner. While it is easy to procrastinate, the longer you take to get savvy, the less money you are saving for your golden years.
5. Consider Investing
Once you are comfortable with your level of financial knowledge, why not use it? Investing in property or stocks can be a great way to make your money go far and ensure that you can’t touch it. As always, do your market research and make an informed decision. Investing can be a little too risky for some, but the of course, the benefits are enormous.
There you have just five tips that will aide you in your quest for a stress-free, secure retirement. The key is to not just read about preparing for your retirement; put your ideas and goals into action, starting today!
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