Have you suffered like my previous blog suggested from
I took the big plunge last year – stopped analysing and went with my gut. Do you know what? It’s actually working out just fine. Here are a few of the ways I used to stop researching myself into inactivity and to kick-start my saving and investing each month. My goal, which is 4 years away, is firmly being visualised.
I decided I wanted to use real estate to invest in but got very disheartened with how to get there but I found a way to START SMALL . I started with just $100, you can’t get much smaller than that! It was such a relief to find I didn’t need $40,000 to invest. I have time to grow my savings. I will get to my goal figure even though I have started so small.
So the advice I have found is to set yourself a goal to save at least 10 to 15 percent of your income each month for retirement if you’re in your 30’s. If you are older and just beginning then you will need to invest more, 20-25%. If you’re able to do more, wow! Just do it!
The next important step was to START NOW. Hey, once you know you should be saving what on earth are you waiting for. Just do it, NOW! Do not put off retirement planning for your later years. It needs to happen now.
I also realised that I needed to GET HELP, I talked to accountants, real estate professionals, tax professionals, took a course or two. All useful in helping my decision making, simpler. There’s nothing wrong in seeking advice on your finances. It’s wise.
Having started, I have to keep going, it is important to MAKE A HABIT out of saving/investing.
Our savings won’t grow if we don’t make it part of our monthly routine. I found the more I do it, the easier it becomes.
TAKE THE RISK – All investments have an element of risk but if you want to make your money grow, you’re going to need to take a few risks. We have previously discussed how to use a balance of research and gut feeling to get it right for you. If you need help there is plenty out there, go and speak with a financial specialist on the best options for your goals.
Have you notice how rich people always LOOK FOR OPPORTUNITIES. So be awake, so as not to miss when opportunity knocks. See it for what it is! One opportunity if you work for a company could be the company savings platform. It makes perfect sense to use this to build your future pension because the company matches your savings. What shopper/saver can turn down an offer of 2 for the price of 1? Surely it has to be a no-brainer?
Of course you cannot do any of the above if you don’t BUDGET. You can’t save more than you can afford. I have read that a good rule to follow is the 10-10-80 rule–where you save 10 percent of your income, invest the other 10 percent, and live off the remaining 80 percent.
Finally, *Madamenoire wisely points out that “If you don’t put away for your retirement, you aren’t going to have money for yourself, let alone people who might need to depend on you.”
Hope this helps kick-start your savings Remember to START .
Go well till the next time