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Journey of the Financially Unprepared

Journey of the Financially Unprepared

 

Life is full of risks.  A person who fails to plan for these risks is likely to end up in dire circumstances.  Nobody ever plans to fail.  But, by being unprepared, we set ourselves up for eventual failure.  The journey of the financially unprepared is one of uncertainty and instability.  People who are unprepared, however, choose to mask these with present pleasures.  After an exciting ride through the twists and curves of life, a dim future awaits us if we fail to prepare for retirement age. What many people do not realize is that they do not necessarily have to deprive themselves of present pleasures to prepare for a future that is financially secure.

 

The Life of the Financially Unprepared

What most of us have a tendency to do is pay others first before we pay ourselves with intentions of course to save something out of what we have left. For instants when we get our pay check, we set aside money for our bills such as car note, mortgage, utilities, cell phone, children…you get the picture, month after month still saying to ourselves I’m going to save what’s left.  Before long, everything is gone and there is nothing left, have you been here? And when an emergency arises, the only place we have to turn is credit or God forbid a hand out. I once heard someone say “people buy what they want, and beg for what they need” Even sadder is the life that awaits people who are financially unprepared.  With medical bills and care costs increasing through the years, young people today might not be able to support themselves through their senior years.

 

Shifting Perspectives 

Taking a turn from the journey of the financially unprepared requires a shift in ones thinking on money perspectives as well as in saving and investing shift as well.  Saving up for financial independence during your retirement years can be the farthest thought from the minds of young people.  But, a person will have to work towards achieving financial independence no this will not just sneak up on you, this will require a discipline in order for you to support yourself and your family today and throughout your lifetime.

 

A person can prepare for financial independence by adopting a savings perspective.  Allocating funds for savings on a regular basis should become a habit.  Saving and investing for the future is a process that must be carefully planned out.  Those who plan for the future are bound to maximize their money’s earning potential and have much more wealth to enjoy during their retirement.

 

Leaving the World of the Financially Unprepared

To start your journey on the road to financial independence, here are some tips:

  • Start saving now. Every penny counts and it is never too late to start.
  • Treat savings as an expense.  Open up a Pay your savings account and on payday pay yourself (how about starting with as little as Seven Dollars).
  • Diversify your portfolio. Protect your investment by spreading the risks of losses with proper asset allocation.
  • Work within your budget.  Write down what you’re spending this way you can avoid overspending, this is also known as planned spending.  Most importantly, do not borrow to spend unless it is absolutely necessary.
  • Work with an experienced financial planner.  This financial expert can help you determine what savings and investment tools you can take advantage of to reach your financial goals faster.  Note a good financial adviser is one that’s able to teach as well as guide.
  • Invest in yourself.  This is something that is often overlooked as part of one’s journey towards financial independence.(here is where you want to learn how to protect and grow your money)  You have to continuously improve yourself to make yourself more competent.  Start with becoming financially literate.(recommended reading The Retirement Miracle by Patrick Kelly)  And then upgrade your skills and build on your knowledge to attract more financial gains.

 

There is nothing wrong with enjoying the present.  But, you have to make sure that you prepare for your financial future so that you can enjoy life even throughout your sunset years.  Start planning for your future now and take the necessary steps to achieve financial independence.

Changing Your Economy by Saving $7.00 A Day

Baby boomers are a term commonly given to people born during the impressive years of the economy. They are basically the people who have grown up in rising affluence and a solid belief that the future is going to get better in time. Ironically, this is not the case today as baby boomers are approaching the retirement age.
Retirement Crisis

Baby boomers today are in a quandary. There are in an age where retirement is imminent but with savings that do not permit retirement. With their age increasing year by year, baby boomers are finding it harder and harder to finally retire and live the lives they’re supposed to have at an advanced age.
What Can Be Done?

It’s never too late to start saving for the better. Baby boomers approaching retirement, or even those still decades from it can start saving NOW. Considering how much people spend on luxurious coffee, cakes and movies on a weekly basis – setting aside a few dollars every day should not be hard.

Tips on How to Save $7 Per day

For those who think that saving $7 is just too hard – it might be easier than you think. Following are some tips on how to get this done:

  • Skip the fancy coffee. Try getting a more modest cup of coffee in Starbucks – or perhaps buy a coffee maker to completely cut the cost. This investment can save individuals as much as $20 in a day, depending on how much they crave caffeine.
  • Schedule trips to favorite shops on a weekly or monthly basis. Most people tend to buy small trinkets, gizmos and gadgets that accumulate in price just for the sheer fun of it. By avoiding these retailers altogether, people can stop unnecessary shopping expeditions.
  • If you find something you want, use the 48 hour rule. This states that individuals should wait for at least 48-hours before buying anything that isn’t absolutely necessary. More often than not, the craving to purchase the item disappears.
  • Downsize hobbies. Some pastimes can be expensive but this is something individuals can still live without. For example, those who are enrolled in expensive gym memberships (that often go unused or under-used) can try achieving or maintaining fitness by just walking, swimming, biking or running.
  • Re-evaluate your car insurance. All companies are not the same, so you may be able to save a few dollars here.

Seven dollars is actually a very unrecognized number. Most people have no qualms forking over this amount or more for a movie, a cup of coffee, a fancy lunch or an expensive hobby. But what if that $7 instead goes to a personal savings account to be accumulated for a year? Imagine –that’s $49 in a week, $210 in a month and $6,300 in a year! Your $7 measly dollars each day can be a modest nest egg in a few years!

Saving for retirement is something that should be done as EARLY AS TODAY. So start now, even new high school graduates need to think about life after their 70th birthday because there is no telling how the future will go. Many baby boomers were greeted by the promise of a thriving life only to be surprised by a poor economy that seems to grow worse every day. Start SAVING and GUARANTEE a good future for you and your family NOW.