How To Start Your Retirement Plan?

Retirement planning? You should do it now.

The younger you start, the result will be much more better. Though you’re not even in 40s yet, maybe you’re just graduating from your university, this is the best time to start, but if you’re now 50s and you haven’t start anything yet, well… I’m praying the best for you and may you have got the best children in the world.

You may have already know that planning for your retirement is essential, but you don’t know how to start, here are 6 things that you can do now to start your retirement planning.

1. Save More
Save 1/10 should be good start. 3/10 is better. 5/10 is great. 7/10 welcome to heaven. If you could discipline yourself to save half of your income during your working years, you shouldn’t worry about your retirement years. Live modestly, do more charity and invest wisely.

2. Don’t succumb to peer pressure
Friends always become a big influence in your life. Be different. Let them live beyond their means and accumulating bad debt along the way. Nobody actually cares if you’re not have the same class of car with your friends. If you think they are, try not to save anything from now and find them later for pennies.

3. Start saving small amounts
If you’re not making a simple financial mistakes such as buying a car with 9 years loan, buying furnitures with loans, having a big boys toys and others, then you can start save 3/10 from your total income. But if you have done such mistakes, you should start to save even you just save 1% from your total income and increase the amount later. Better late than never.

4. Put your savings to work
Have an emergency fund. Then, you allocate some of the savings into any investment. Investment on your financial education comes first such buy financial books, attend financial seminar, read my blog (ehem, ehem) and put your money for real either in your part-time business, properties or stock market. Don’t just save.

5. Put a financial plan in place
Set your financial plan for yourself and your family. When you want to marry? When will your children starts their primary education? How much to insure? And all such things. Different investment strategies applied for different investment objectives. Make friends with financial planner, stock brokers, real estate brokers, insurance agent, businessperson. Hire them if you don’t have them in your circle.

6. Learn new skills
Learn something new that is not related with your daily job. Cooking. Sewing. Gardening. Direct selling. Stock investing. Martial arts. Blogging. Teaching. Anything new for you. But, please make sure that it could generate an income for you.



Careful planning will lead to victory.
Poor planning will lead to defeat.
Worse, if there is no planning at all.
Sun Tzu