Remember how
carefree and adventurous we are in the prime of our youth. Remember the
exhilaration of landing our first real job (summer jobs in school not counting)
and the pride in getting our first paycheck that we end up blowing, in just a
day or two, on buying stuff for ourselves, our friends and our family. Remember
all the subsequent paychecks that end up the same way and we are broke after
just a few days of payday, and live off our friends or family till the next
payday arrives. Living for the day sounds like a great motto and there’s no
worrying about the future. Soon we are in the middle of our careers, doing well
for ourselves and looking up in our lives, planning to settle down, own a nice
house, maybe get married and have a kid or two.
That’s when we
realize how expensive living can be. That’s the period in our lives where we
are only working to make mortgage payments, tuition fees and insurance
premiums. Our own dreams and personal goals are put on the back burner till
“retirement”. And then it hits us—we won’t have a salary to live on when we
retire—and knocks the wind out of our sails. How are we going to live after we
retire, we ask ourselves. How will we maintain our lifestyle? How will we
travel? How will we do all that we hoped to do and still make the day-to-day
expenses and the monthly bills? By planning for it, of course, says Adam
Ginsberg, one of America’s well-known coaches and mentors on internet
entrepreneurship and wealth building.
Here are Adam
Ginsberg’s top tips for building up a big fat retirement fund that will not
stop you from doing anything that you want in your golden years.
Top Tip #1
Start Early
That’s right:
start saving for your retirement as early as you can. While you may have to cut
back on a few parties and extravagant meals, you can put away a lot more when
you are young and single than when you settle down and comforts become a
priority. Also, when you start saving in your youth, you can put more money in
high-risk portfolios that could get you high returns by the time you reach
retirement.
Top Tip #2
Diversify your portfolio
There are many
investment options available for you to plan not only your retirement fund, but
also all your needs up to retirement. There are saving accounts for
emergencies, IRA and Roth IRA accounts to balance your tax savings and
retirement savings, 401 (K) accounts, mutual funds for balanced growth of
funds, real estate investments to keep up with inflation and so much more. It
all starts with what your goals are and the research you put in.
Top Tip #3
Involve your Family
To meet any
goals that you may set yourself, it will be equally important to get your
spouse’s support in meeting those goals. It’ll be even better if you and your
spouse share the same retirement goals, because then you’d both know the
sacrifices and hard work it would take to meet those goals. If you have kids,
it would be a great idea to involve them in the discussions as well. This will
not only teach them the value of money early in their lives, but also the good
habits of saving for the future. And,
you never know, they just might surprise you by springing for their college
education (or a part of it) themselves when the time comes.
For more tips
and tricks on how to build your retirement fund, or if you have any tips of
your own that you’d like to share with us, we’d love to hear from you.
Adam Ginsberg is helping people to become
financially independent with his resources like eBay templates, eBay
software and eBay tools. If you want to know more about his resources you can
visit Secrets
of an Auction Millionaire, Success with Adam or even Adam’s main website. You can also see some testimonials
of his satisfied customers.
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