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 belowmy 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.
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.
I recall a time when one of my cousins came to me telling me all the things happening to him and how he was tired of living. He was subtly threatening me that he wanted to end his life. For some reason my response was spontaneous and harsh; please go and let us know how many of us is remaining to share the limited resources (food) available.
With hindsight, that was a sharp insensitive response that I would not give with a hind sight but the truth is that Life happens to all. DO YOU RESPONSE OR REACT when life throws its punch at you?
You may be asking what the difference is. There is a huge difference between the 2 and the difference is in the outcome.
Outcome of reaction is irritation, getting stuck, throwing out tantrums at people around you, playing the blame game etc. but the response of response is inward reflection , outward assessment, taking responsibility , looking for lesson(s) learnt, improved capacity…etc.
The following analogy or experiment perfectly illustrates how we all respond to life struggles when we come across it.
When you take a kettle of water, heat up to boiling temperature, pour the boiling water to the following items (Fresh Egg, Carrot and tea bag) let’s see what happens to them after sometime .
The Egg gets hardened; the carrot becomes soft while the tea bag changed by infusing its content to move from one state to another and at the same time changing the water to tea.
Boiling water is figuratively the life that happens to everyone… no one is immuned to it.
How do you ride on life storms? Like the Eagle that use the storms to soar or the chicken that runs for cover?
How have you responded to life up till now? CARROT, EGG and TEA BAG.
Is there a need to change? How do you hope to change? Let me hear from you. Share your experience for others to learn from you in the comments.
This aim of the group is to inspire,connect,empower and engage with people that would want to experience financial freedom, confidence and peace.
We s…
This aim of the group is to inspire,connect,empower and engage with people that would want to experience financial freedom, confidence and peace.
We s…
In my quest for improvement in my career and business; I have discovered the power of questioning. The Questions you are asking yourself determines how far you want to travel on the journey of life. This applies to all areas of your life; Career, Business, Relationship, Health, Spiritual etc. When you ask empowering questions in any particular area of your life it unlocks your potentials, creativity, innovation etc.
Hence in the Winning with money series; I would like to share with you 5 empowering personal finance questions you do should to ask yourself if you desire to achieve financial independence, confidence and freedom.
Answering these questions may lead to new discoveries and enable you to make or review your money or personal finance decisions with the aim of achieving any financial set goals you have made. Answering these questions could open your eyes to know what you need to do to improve your financial life to achieve confidence, independence and freedom.
For you to have a healthy financial life, your net worth should be in the POSITIVE i.e. What you owe is less than what you own must be positive. If you find this skewed in the opposite direction; then it might be because of loans and credit card debt. (If you have watched my video 3 Never to Do with Money).The use of debt to fund your lifestyle should not be encouraged so STOP. If the answer to this question is yes; the first step to do is to decide to eliminate the loans/credit to at least achieve a break even position in your net worth.
Does the word “BUDGET” send shivers to your body? If it does; you are not the only one. There is a myth on budget that it is technical term that requires some technical knowledge own to be able to have one. It is not truth. Budget is simply giving your money (every penny) an assignment. It is a managing or control tool. You simply prepare a plan for the week/month/quarter/year as you are most comfortable with, of how you spend your money. Assign every penny you earn.
Are you investing? If you are not investing then, how are you multiplying your money? Answering this question will make you to realise that you need to start or continue investing to attain financial success. You can determine and afford the lifestyle you desire just by earning the income to support it.
That is one question that you need to take care of as early as possible in your working life. Planning for retirement is usually left to the end of many people’s work life. At this time it is challenging and the effort required would be doubled that which would have been put in if it was earlier on in your working life. Waiting till later puts so much pressure on you that may ultimately impact on your health or enthusiasm to life.
Everybody should have an emergency fund. This is an ingredient in the recipe for financial success. This is a fund set aside for the rainy day, when the unplanned or unforeseen happens and this requires spending eg when that car develops a major fault that you did not have a warning or someone in the family falls sick or dies and a funeral spending has to take place. The emergency happens to all. It is not IF but WHEN it’s going to happen. So when it happens, what do you? Who do you go to for the needed fund? Bank (for loan), Credit Card Company or family and friends that are planning their finances (hence have extra to lend you). The ancient book says the “The Borrower is the slave to the Lender”
Becoming and remaining wealthy is not just about earning so much but its actually about managing and controlling your money. The major part of managing your money is controlling your spend.
You can spend smartly living the life you desire without going broke if you know how to do it. Most employees work 5 days and spend for 7 days every week..
Do you know the Cost of Spending?
What is it cost per hour? Weekly/7
YOU WORK/EARN 5 DAYS AND SPEND 7 DAYS .
Your earning per hour is your weekly earning divided by 7 days divided by the number of hours worked in a week. For full explanation of this watch the video in the link below.
