Planning for retirement is the most important saving I must be made early on in my life. And it is not tomorrow or someday but today. Yes, today is the best time to start planning for retirement since I’m now starting to earn $700 from my profitable online business ideas and increasing every month. Not to mention the bi-monthly salary from my work in a magazine. Hopefully by the end of the year, I’ll surpass the 1K mark.
Planning early can be the deciding factor on how comfortably I can be able to spend my retirement years free from financial worries. There are quite a few tips and strategies that can help me starting to plan for retirement.
First, make saving a habit. Everytime I receive my salary and Google AdSense money at the end of the month, I will commit to set aside 50% ($350) into a high yield savings account while looking for profitable investment opportunities. If I stick to this plan, my savings will surely accumulate and balloon to $4,200+ after a year or an equivalent of P180,000+ which is a huge sum here in the Philippines.
Second, minimize my expenses. I will scrutinize my spending habit to rid out unnecessary expenses like buying designer watches which is not very important. My used cell phones clock is enough to tell me the time. Or buying Levis 501 when Jag is more than enough. And other luxurious items sold at any SM and Robinson malls. This luxury and overspending can lead me to massive personal debt and serious financial stress.
Making a spending habit or budget is one of the most important tools to control and manage my expenses. When used consistently, it ensures me to spend less than I earn. And creating an effective spending plan is also vital in accomplishing my financial goals.
The more lavished and extreme the lifestyle, the more money I will need to support myself. So, living a simple lifestyle is the best way to go. Simplicity in the end equals less money, and retirement is the time to spend my hard-earned money in a more effective manner.
If I learn to invest wisely, like investing in the best stocks to invest in the Philippine stock market and use my money in a smart way, I’m sure my early retirement life will be better, fruitful and happy.
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