Start Planning Your Retirement Right Now!
With the markets tanking and an economical collapse on the horizon it’s crucial to do some serious financial planning today! I’ve just done mine and it’s a wakeup call. In my case it all centers on what is the vision of my life for the future? Do you have a vision of your future?
What kind of lifestyle do you want?
Do you wish to retire to a warmer climate?
In my case the goal is to retire to a warmer climate near the ocean during the winter months.
It’s very easy to avoid taking an honest look at your financial situation. Sometimes we are afraid of what we might find. You really need to be realistic right now.
Here what you have to do.
Decide your retirement date. Is it 55? 56? 40?
Begin tracking your monthly expenses immediately. Don’t cheat on what you spend your money on. Don’t forget to include, dry cleaning, entertainment, gas and any other “miscellaneous” expenditures.
Subtract your expenses from your earnings and figure out how much “free” money you have.
Make sure you are very aware of the date your mortgage or any large debt will be paid off.
Maximize your 401k OR RRSP payments
You should never have any debts at your retirement date.
If you have some large debts to pay off MAKE SURE you rigorously pay them off each month. You will HAVE TO create an emergency find at the same time so you DO NOT EVER grow any more large debts again.
It all comes down to what your vision is for your future and making sure you have the finances to live that lifestyle.
Now is the time.
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