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How to retire comfortably

If you don’t know where you are going, you will probably end up somewhere else-Yogi

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Doesn’t matter what you do in life.  Setting goals are important.  Imagine your life is a ship sailing in the vast ocean, goals will be like your compass, without it, you will steer pointlessly to everywhere and anywhere.  Pretty much if you do not want to be the one greeting customers in front of Wal Mart, at least not voluntarily, then here are few tips you should follow:

Setting financial goals:  Financial goals are basically where you want to be financially in certain stage of your life.  When we are young, there seem to be always money to be made and we forget to save and when people get old and sick, they don’t have enough savings to cover their daily expense and have to go back to work as part time or even worse full time just to make meet.    So first is to set financial goal.  When  do you want to retire? Where do you want to be at age 30, 40, 50, 60 financially?  What would your estimated monthly expenses during retirement?  You don’t have to be earning six figures to become a millionaire retiree.  I remember there was this story I’ve read where he was a parking lot guard making minimum wage, but he was careful with his money and invest any extra money left over to stock market, buying blue chips stocks such as Intel and IBM.  He was able to retired as a millionaire.  

Be disciplined:  Ever since we were little, parents tried to tell us the value of saving by giving us piggy banks for coins.  I remember I could never wait till the piggy bank was full before emptying it because there were always temptations, whether it would be school candy sale or the urge to splurge on soft drinks.   Now that we are adults, we have the same issues with our savings, there seem to be always things popping up, toys such as Iphone, car, or a cruise to the Caribbean.  I’m here to tell you that you have to evaluate these temptations and separate out the needs from the wants.  To accomplish that, we got to have discipline, discipline is the bridge between goals and accomplishment –Jim Rohn.  I find that it’s best to wait a couple days/weeks when decide to buy a new toy just to make sure that’s what you really wanted.  It can actually improves your appreciation for your new toy even more because of the delayed pleasure effects.  

Divide and Conquer: Once you have your financial goal set up, it should be easy to figure how much you need to make/save to get there.  Always divide your big goal into much smaller achievable pieces so you can track your progress and also be a motivation to keep going.  So if you want to save $6000/ year, then divide that by 12, which give you an idea of around $500 average saving needed per month, and you can even divided up further into days.  

Tax sheltered investments:  Join your company’s 401K plan.  This is the easiest way to amass a small fortune for everyday folks.  Most companies matches employees contribution so it make sense to do so especially when there are free money on the table.  Open up a Roth IRA or Tradition IRA.  As of 2014, the limit for the IRA account is $5500/person ($6,500 if your age 50 or older).  Try to max it out every year if you can.  I like to put money into Roth IRA than Traditional because Roth contribution can be taken out before age of 59 ½ without penalty whereas traditional will incur penalty and taxes like 401K plan.  I also think that the tax rate will only increase in time so it’s better to pay tax now on the money by putting after taxed income into Roth.  Roth IRA also will not affect the calculation of social security benefits.

Invest, invest, invest!  I can’t stress this enough!  As young adults, the best asset you have is time, so if you invest early, the return is going to be incredible after many years of compounding from now.   Your investment can take many forms, it could be a traditional investment such as stocks securities, mutual funds, index funds, real estate, or it can be nontraditional asset such as fine wine, antiques, cars, coins, and art.  Most importantly of all is to remember it’s never too late to start, but you have to start today!

Please comments below or email the team at TeenAnalyst@gmail.com.  Thanks!

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Jeffreyender said:

It's vital to make practical gauges about what sort of costs you will have in retirement. Be fair about how you need to live in retirement and the extent to which it will cost. These assessments are imperative when it comes time to make sense of the extent to which you have to spare with a specific end goal to agreeably manage the cost of your retirement.

Ed Cunliffe said:

Finding quality information on retiring comfortably is quite the challenge indeed. If you really want to retire wealthy, you need to get into marketing. Ed Cunliffe has some of the best information on this on his Pinterest boards. There are a lot of inspiring quotes on there.

Edward Cunliffe in Atlanta, GA said:

If you are in the Atlanta area and need some retirement advice, there are plenty of places to look. However, you can get a lot of free advice on how to become successful from other sources. I highly suggest you look at some of Ed Cunliffe's work on his blog or Facebook page.

Mr. Ed Cunliffe Atlanta said:

Veritas Inc is one of the leading marketing companies who actually teach their employees about financial independence while they are still young. It seems like people only think about retirement after they are past the age of thirty. In the marketing world, everyone is very money-motivated and talk about successful lives all of the time. This definitely helps pave the way to financial freedom. Ed Cunliffe has a lot to say on the subject on his blog. Be sure to visit it and you may even want to subscribe to get the updated posts.

The Ed Cunliffe website via Twitter in Atlanta Georgia said:

If you want to retire wealthy, then you have to do something that people can't do. This means that you have to be talented or know something that they don't. If you can't do those things, then you have to be WILLING to do something that other people aren't. Most of us fall into this category, according to Ed Cunliffe. I've learned a lot from Mr. Cunliffe in Atlanta and look forward to an early retirement.

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