If you’re a young person, you’ll be old one day. How you spend those older years will depend on how well you’ve prepared. A linked article, which is something of an infomercial, gives some statistics about what people want to do when they retire, i.e., the bucket list. Getting there requires preparation.
Main point: “With the right financial strategy, your future plans don’t need to compete with your financial security in retirement.”
More about it:
- “…only about 40% of people have figured out how much to save for retirement,” so start early.
- “78.5% of people have the desire to travel,” and globetrotting costs.
- “More than 1/4 of adults do volunteer work” because wealth can be more than income.
- “36% of soon-to-be empty nesters plan to take up new hobbies or activities” now that they have more time.
- “67% of households have a pet,” which is like caring for another family member.
Takeaways:
- If you’re still in junior high/middle school or in senior high/high school, start developing good personal financial habits.
- Remember this line I heard from a friend: If your outgo exceeds your income, your upkeep will become your downfall.