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This is a reality that we all need to come to terms with whether you in your 20’s,30’s, 40’s or definitely in your 50’s.
Unfortunately no one is taught in school on what retirement is like and how to prepare for it. However it is a known fact that only 20% actually prepare for the Come to terms with that phrase….retirement WILL happen.
It’s a time for you to be doing what you truly love not what you have to do but unfortunately most people are unable to do this because the financial security is not in place.
I have shared in the link; 7 steps or things to do to prepare for the retirement and these are share in the video .
1. .Decide on the when???? Your when might not the recommended. 65 years.
2.What lifestyle do you desire then… cost of living. Where to live . Medical cost. Travel. Legacy minded.
3. Do you have the inflow or income to support the lifestyle? . Passive income. If not what are you going to do about it.
4. Make sure your Financial folder is regularly updated to keep track.
5. Prepare your Will or trusts….defo be will and trusts.
6. Keep a password file . Digitally or Physically.
7.. Draw a plan if what you currently have is not adequate and stick to it.
What age is the best age to start planning? The day you start working or old enough to work. Why
I met a friend recently and he confidently told me that You know there are smart ways of funding your holiday that is free but unknown to many.
Of course being a financial coach it got my ears tickled as I am always excited when I come across information like this because it is not only that I want to take advantage of such products ( especially if it puts money in my bank account ) but also because another good info to share with my coaching clients.
Which is what I am doing now through this blog. As I normally spend my budget amount anyway though I have been using my debut card and I have mastered the act of always spending below my means ( income).
If you are yet to learn how to live below your income..I do not recommend you use this financial product -credit card until you have done so. The aim of this is to make your money work for you hence I call this winning with money Tip.
If you are disciplined, can delay gratification and have mastered the art of controlling money( not money controlling you) then this financial product is for you.
- No fee on the credit card account
- You earn loyalty point on every pound spent
- You earn additional 6000 points if you use in the 1st three months.
- You pay no interest IF you pay your balance every month when due( which is my recommended way of making credit card work for you)
- When you spend up to an amount in a year ( £20000) you get a companion voucher to travel ( which can be used for your spouse or anybody you want to travel with).
For me it’s a WIN WIN Card if you use credit card anyway . As soon as I OPENED this account I just closed my other credit card that is not giving me any additional benefit other than credit. Why did I have to close the existing credit card you may be asking- It’s because I do not want to have more credit accounts than I do need . If you have more cards than is needed and are not using the credit it might , this can lead to a drop in your credit rating . For a good credit rating you are advised to always use up to 30% of your available credit. i.e if you have £2000 , try to always use up to £600 every month.
HOW I USE IT
I conveniently put all my regular bills on my credit card ( which is regular anyway). e.g phone bills, water bills, groceries etc
All the school fees are now on the card just to make sure I have more points even if it is not go to 20k all the points still counts towards discount for my travel.
1. Are your selfies landing you in debt?
The rise of the “selfie culture” and a fixation on the lifestyles of celebrities may be landing young people in debt.
Research found that young people felt pressured not to be tagged in a photo on social media wearing the same outfit twice. Not wanting to make a fashion faux-pas, one in 10 borrow money they can’t afford to buy new clothes.Internet survey found that 41% of all 18- to 25-year-olds feel the pressure to wear a different outfit every time they go out, rising to 47% for young women.
One in six young people say they don’t feel they can wear an outfit again once it’s been seen on social media, and 79% admitted being influenced by at least one social media platform.
Instagram topped the list at 55%, followed by Facebook (40%), YouTube (37%), Snapchat (25%) and Twitter (14%).
Additionally, unboxing videos, in which YouTubers film themselves opening shopping hauls, are hugely popular, with 30% of young people reporting they watch them regularly, possibly influencing young adults to go out and get a “haul” of their own – with money they don’t have.
The selfie culture has a darker side, though, with 1 in 10 borrowing money they can’t afford to repay to fund clothes shopping. Also many borrowing to purchase new clothes were eating cheap food, skipping meals and even selling sentimental belongings to fund their shopping habit.
More concerning, another study from Royal Mint shows that this is affecting savings levels, too – the #YOLO generation (You Only Live Once) are saving just £300 a year (£5.70 a week) so they can have fun with the rest of their income. This compares to £1,500 per year, which was the average saved 40 years ago, according to historical data published by Lloyds Banking Group.
b. Does stuff = success?
The problem is a cultural one that stems from our tendency in the West to value “acquisition” more highly,
“In effect, we have psychologically fused together success with acquiring ‘stuff’,” he says. We think, “the bigger my house, car, wardrobe, or holiday, the more I demonstrate to myself and others that I am successful.”
Most of us have made a few foolish money mistakes here and there. It’s the car we can’t afford, the personal loan we never should’ve made, or the mortgage that nearly sent us to bankruptcy.
So why do we keep making these same money mistakes?
Most likely, we mismanage money because of a faulty belief system. We’ve bought into some of culture’s most popular money myths. And a lot of times we’ve learned them from a well-meaning yet misinformed parent, teacher or friend.
While it would be easy to sit back and blame others for falling for these money myths, the most important thing to do is realize they are myths.
Myth: Credit Card: Credit Card is to be used until I get fund to settle IT
Truth: You are living on borrowed funds . This is mortgaging your earning in advance for personal expenses that will not give any returns. Spend the money you have ONLY not money you are yet to earn.
2. Myth: Debt is a tool.
Truth: Some tools help you fix things. Other tools help you break things. So in that sense, debt is a tool—it’s a sledgehammer to your financial future. Another way of putting it: Debt is the enemy of your income. The monthly payments you send to credit card companies are monthly savings you could be putting toward your retirement, your kids’ college, and your down payment on a new house! Your income is your most important wealth-building tool. Don’t surrender it to debt.
3. Myth: Car payments are a way of life.
Truth: If you believe debt is a tool, you’re just as likely to believe car payments are a way of life. The average car payment these days is $504 per month.(1) That’s over $6,000 a year you’re putting into something that decreases in value. Instead, save that money every month for a year and buy a nice, used car for $6,000. The best car is the one without a payment.
4. Myth: Not cooking is a way to live and Enjoy Life .
Truth: It’s a sure way to not reduce cost so no extra for future and making short term plan. An expensive lifestyle choice for someone not yet wealthy.
5. Myth: You can’t go to college without student loans.
Truth: You absolutely can. Will it be easy? Maybe not. Will it be worth it? Totally. Whether it’s through college-specific scholarships and grants or federal and state aid (that’s aid, not a loan), going to college without debt is completely possible. And what about paying for college out of your own pocket? Rachel Cruze talks about college planning all the time. There are alternatives to loans when it comes to funding college tuition.
Many colleges offer work-study opportunities, which are essentially part-time jobs offered on campus. And no one’s stopping you from getting a part-time job off campus. Working as a barista, waiting tables, or even finding a retail job can bring in some cash to offset your school expenses. Consider even creating your own side business using your skills—tutor other students, pick up some freelance gigs, or start a pet sitting service. There are plenty of options to generate income while you’re still in school.
6. Myth: Eventually, you’ll make enough money to catch-up on your retirement.
Truth: Prepare for retirement now. But make sure you’re out of debt and have an emergency fund of three to six months of expenses before you start. After that, you’re ready to start building for your future. Don’t put off preparing for retirement if you’re able to start today! According to the AICPA, 49% of non-retired Americans say they aren’t confident they’ll reach their retirement goals. (2) The more you save now, the less you’ll worry later. Chris Hogan explains how to retire with dignity in his national best seller Retire Inspired: It’s Not an Age; It’s a Financial Number.
7. Myth: You already keep track of your money, so you don’t need to budget.
Truth: If you go online and know about how much you have in your bank account, that’s good. But that’s not a budget. When you just track your spending, you’re looking back at how you already spent your money. A budget looks forward. You plan how you’re going to spend your money. When you do this, you can prioritize paying off your debt, saving for your emergency fund, and planning for the future. Without a plan, you’re wandering aimlessly through your pay check.
You don’t have to keep falling for these money myths! Reshape your belief system today and positively change your future. That is when you can guarantee you are on the journey to Financial Freedom.