A penny saved is a penny earned. But why would you only want pennies when you’re old?
So it goes… you were first learning how to ride a bike. Then you were going to your high school prom. Then there’s the first job. Next you get married. . . then you die. And that’s the cycle of life. Here are some things to do so that money will be the least of your concerns while enjoying your last few days on earth. Or, you don’t have to wait ‘til you’re old to retire-these tips make sure you work less and party more, when and where you want to. You can always decide to take up a new hobby or pursue further studies if you want to. Nah, nothing beats bumming around and going on vacations when you’re old, so listen up.
Unless you were born rich (then you wouldn’t be reading this now), then you need to stock up on cash. You need to plan out your finances carefully. But how do you save up?
a.) Seriously pay off your loans. Credit card bills and interest rates will pile up, and your future will be bleaker. Lessen your credit card balance and use the money you saved on interest for you nest egg, or to build an educational plan for the kids, or a retirement plan for yourself and your folks.
b.) Change your lifestyle. Do you really have to buy a P5,000 key ring that works miraculously the same way as a P1,000 one? It’s alright to splurge on an investment, let’s say, a good suit or a white long-sleeved shirt you’ll be wearing to the office everyday. But since we’re on the topic of saving up, do check out your options.
c.) Turn useless things into cash. In one word: recycle. You’re saving the earth, and gaining moolah while you’re at it.
If you wanna invest in land, buy property from reputable and reliable companies. For example, in real estate, it would have to be in company like Ayala Land. They have the best locations and have unbelievable foresight. For stocks, your best bet would be ones with steady growth rates-like San Miguel Corporation. It may be more expensive but at least you’re surely in great hands.
Get A Savings Account
Checking accounts are great for paying bills, but if you’re after higher interest rates (which you should be after too, carbon)—go for a saving or a time deposit account. You would think that is plain common sense, but you would be surprised at the number of people who own a checkbook as compared to the one with a passbook.
It doesn’t have to mean that you will work for a straight 18 to 20 hours a day while you’re young and able. Get a second job like designing web pages, or contributing for a newspaper or magazine—or just start off with semi-annual garage sales. It’s not much, but is very easy money. Or better yet—ask the wife to take on a second job.
Make Automatic Deposits
If you have itchy fingers and just have to buy a reward for yourself every payday, ask your H.R or admin to automatically debit a portion of your salary (10% is conservative) and directly deposit it in your savings account. That way, you don’t notice that you’ve actually saved P1,000 in a years time. It still beats nothing.
Have a Retirement Plan
This does not mean hanging out in Bermuda sipping your piña coladas. That will be achieved through talking to an insurance agent about a retirement plan. While your at it, ask them about medical and memorial plans if you’re really in the mood for the retirement talk. Hey, death and taxes, my friend…
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