3 Tips on Planning Ahead for Retirement

3 Tips on Planning Ahead for Retirement

Thinking about retirement is a hard pill to swallow for some people, while for others, it’s a happy idea to dream about. Retiring is something each, and every one of us will have to do at some point, and the goal is to have enough funds saved up by the time you arrive at your retirement age. Some people rely on the pension fund contributed by themselves and their employer each month, while others feel it’s not nearly enough to make ends meet when the time comes. That said, here are some tips on planning ahead for retirement – it may feel unnecessary now, but one day you’ll be giving yourself a massive “THANK YOU” when you’ve reached the point where you stop working and just enjoy life at its fullest.

#1 – Invest While You’re Young

This is advice given by various business tycoons and some of the wealthiest entrepreneurs. Investing while you’re young and the risk is still relatively low can catapult you towards the future and save you a load of steps financially to reach the same level. There are a few long-term investment opportunities you can consider. Still, the best route to take would be to consult with someone who specializes in financial planning and hearing from them what realistic options are available to you. These long-term investments go untouched for years and even decades, building up a nice cushion for your retirement days.

#2 – Save, Save, Save!

Saving money is a foreign concept to some people, and it can be hard to have such control over your finances that you can save money each month and not spend it. The key to saving money is to make it an equal priority on your budget, just like any other necessity such as your mortgage or insurance. This means designating an amount of money that goes to your savings account each month on a non-negotiable basis. Be sure to have money allocated toward spending as well, because it is realistic to say that you will spend an amount, however small, each month on a date night or a present for someone, etc. Not putting aside money for spending will ultimately cause you to take from the savings money, which will defeat the purpose of the entire exercise altogether.

#3 – Start A Business or A Side Hustle

This is an optional step. But, if you have the time and the resources, starting something on the side to generate an income can help you save money for your retirement tremendously. You can pursue anything you’d like, however small, but coming home from your nine to five and continuing work on your side-business will have to be the norm. This means you’ll have to make a consistent decision each day to push on and make the most of the time available to you so you’ll be able to live a comfortable life one day when it’s your turn to relax and just live.

The above steps are some of the steps you can take in order to start planning for your retirement early on. Some people arrive at their retirement, only to realize that they haven’t made enough money to carry them through. This is an unnecessary situation and can be avoided altogether; you’ll just need to start doing something about it long before anyone else does!

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– a contributed post

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15 Father’s Day Gift Ideas That Won’t Break The Bank

15 Father’s Day Gift Ideas That Won’t Break The Bank

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How to Plan For Retirement while You’re Still Young

How to Plan For Retirement while You’re Still Young

Thinking about retirement is a hard pill to swallow for some people, while for others, it’s a happy idea to dream about. Retiring is something each, and every one of us will have to do at some point, and the goal is to have enough funds saved up by the time you arrive at your retirement age. Some people rely on the pension fund contributed by themselves and their employer each month, while others feel it’s not nearly enough to make ends meet when the time comes. That said, here are some tips on planning for your retirement while you’re still young – it may feel unnecessary now, but one day you’ll be giving yourself a massive “THANK YOU” when you’ve reached the point where you stop working and enjoy life at its fullest.

#1 – Invest While You’re Young

This is advice given by various business tycoons and some of the wealthiest entrepreneurs. Investing while you’re young and the risk is still relatively low can catapult you towards the future and save you a load of steps financially to reach the same level. There are a few long-term investment opportunities you can consider. Still, the best route to take would be to consult with someone who specializes in financial planning and hearing from them what realistic options are available to you. These long-term investments go untouched for years and even decades, building up a nice cushion for your retirement days.

#2 – Save, Save, Save!

Saving money is a foreign concept to some people, and it can be hard to have such control over your finances that you can save money each month and not spend it. The key to saving money is to make it an equal priority on your budget, just like any other necessity such as your mortgage or insurance. This means designating an amount of money that goes to your savings account each month on a non-negotiable basis. Be sure to have money allocated toward spending as well, because it is realistic to say that you will spend an amount, however small, each month on a date night or a present for someone, etc. Not putting aside money for spending will ultimately cause you to take from the savings money, which will defeat the purpose of the entire exercise altogether.

#3 – Start A Business or A Side Hustle

This is an optional step. But, if you have the time and the resources, starting something on the side to generate an income can help you save money for your retirement tremendously. You can pursue anything you’d like, however small, but coming home from your nine to five and continuing work on your side-business will have to be the norm. This means you’ll have to make a consistent decision each day to push on and make the most of the time available to you so you’ll be able to live a comfortable life one day when it’s your turn to relax and just live.

The above steps are some of the steps you can take in order to start planning for your retirement early on. Some people arrive at their retirement, only to realize that they haven’t made enough money to carry them through. This is an unnecessary situation and can be avoided altogether; you’ll just need to start doing something about it long before anyone else does!

best,

– a contributed post

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15 Father’s Day Gift Ideas That Won’t Break The Bank

15 Father’s Day Gift Ideas That Won’t Break The Bank

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Short Vs. Long-Term Rental In The World Of Real Estate

Short Vs. Long-Term Rental In The World Of Real Estate

Rental properties have always been a good way to make extra income for you and your family. While it can take a lot of work to secure the property you want, this process can be well worth it, giving you the chance to make a fortune if you play your cards right. Of course, though, a big part of this process will involve choosing the best way to rent out your properties to make sure that you make the most. To help with this, this article will be exploring long-term and short-term rentals to see which is the most lucrative for you.

Short Term Rental

Companies like Airbnb have managed to find a lot of success over the last few years. Short-term rental is best for people who want to go on vacation or business trips, and customers like this will usually be willing to spend more on their properties than those who are looking for long-term options. You can learn how a short term vacation rental can generate extra income with some research online, giving you the chance to get started with this process nice and quickly.

Of course, though, this option will always come with some challenges. You will need to find a property located somewhere that will suit short-term rental, and this can be difficult without spending a small fortune in the process. Tourist and business areas will be best for this, providing you with the chance to snag as many bookings as possible. Alongside this, you will also need to be prepared to do a lot of cleaning and maintenance, ensuring that each of your guests has the same experience.

Long Term Rental

Long-term rental tends to come with a lot more security than doing it short-term. You will have people living in your property permanently, and this means that you will always know how much money you’re going to make. You will also have more freedom when it comes to the location you choose for your property, as people are always looking for rentals no matter where you are. This can make it easier to secure a more affordable place to get your real estate empire started.

Much like short-term rental, long-term options also come with a few snags. To start, you will need to make sure that you have trustworthy people living in your place, and this can be hard to achieve. Alongside this, you will also be limited in the income you can generate, as long-term rental tends to be cheaper than short-term options. This sort of option is usually best for those who want to make sure that they are always generating an income from their properties.

Choosing between these two options when you want to rent a property can be a challenge. Many people find it hard to know what they need to do to make money in this sort of market, but it will only get easier the more you work on it. Of course, though, it’s always worth putting the effort in to get the best results.

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– a contributed post

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15 Father’s Day Gift Ideas That Won’t Break The Bank

15 Father’s Day Gift Ideas That Won’t Break The Bank

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How To Deal With Big Unexpected Costs

How To Deal With Big Unexpected Costs

There are some expenses that we can budget for from month to month. However, there are other expenses that are harder to plan for. Such unexpected costs can do a lot of harm to our finances – especially if they’re big unexpected costs. A few examples of such expenses could include:

  • Car repairs
  • Home repairs
  • Theft
  • Fines
  • Increases in bills
  • Funeral costs of loved ones
  • Medical emergencies

Finding the best way of paying for these costs can help to limit the damage. Below are just a few ways to deal with big unexpected costs.

1. Use savings or equity

If you’ve got some savings kept aside, you could use these savings to pay for any emergency costs. This could prevent you having to borrow money. If these savings are for a specific goal (such as your first house or your retirement), you’ll have to weigh up whether it’s worth dipping into them.

Equity may also be an option. If you own a home, you may be able to look into an equity release to pay for any emergency costs. Just be wary that you’ll have to pay this back when/if you sell your home.

2. Ask to pay in installments

Depending on who the expense is owed to, you may be able to pay in instalments rather than paying the whole amount upfront. Many car repair centres and home repair companies offer such schemes. Unlike a loan, there is usually no interest on these instalments.

3. Borrow wisely

Borrowing money isn’t ideal due to the added interest fees you’ll pay, but could be necessary if it’s an emergency and you have no other options. Make sure to spend time shopping around for loans. You may be able to find specialist lenders that offer low-interest loans to help with certain disasters like unforeseen medical costs or funeral costs

Borrowing from family members could be another option. In these cases, you most likely won’t have to pay interest and you may have greater flexibility as to when you pay them back (within reason).

4. Get help from local charities

If you’ve been the victim of a crime, a fire, a natural disaster or illness, you may find that there is a charity out there willing to help you raise funds for reparations. You could even consider starting a crowdfunding campaign on social media. If you’ve got a noble cause, people will donate to it. 

5. Sell your clutter

You may be able to sell some of your unwanted possessions to pay for unexpected costs. Many of us have valuable items in our home gathering dust that could be converted into cash. You may be able to sell these online or you could try selling them to a local second-hand store.

6. Know your legal rights

There may be times when you can contest an unexpected cost such as a fine or a rising bill. A criminal defense attorney may be able to help you reduce a large fine. If you’ve been overcharged for a bill, you may similarly be able to get legal help.

In other cases, you may be able to access benefits or grants. Alternatively, you may be covered by insurance or a warranty.

7. Take protective measures against future unexpected costs

Some unexpected costs can be protected against by taking certain measures. For instance, you may be able to take out home insurance to protect you against a potential flood, or you may be able to invest money into flood-proofing your home. Putting aside some emergency savings could be an alternative option for funding unexpected costs.

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– a contributed post

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15 Father’s Day Gift Ideas That Won’t Break The Bank

15 Father’s Day Gift Ideas That Won’t Break The Bank

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How to Save for a Mortgage Even on a Low Income

How to Save for a Mortgage Even on a Low Income

When you have a low income, it can seem as though you’ll never be able to get out of the living paycheck to paycheck lifestyle. Let alone leaving behind the world of renting or sharing a place with roommates.

Getting a house? Impossible! Says who?
Sure, it may take a little more time than somebody who is handed a big fat pile of cash to go toward their mortgage downpayment, but there are some things you can do to build up your savings enough to be able to eventually own your own house- even if you think you don’t earn enough money. 

Soon enough you’ll be able to get yourself on a website such as MortgageQuote.com to have the help you need to secure a mortgage to buy your first home. 

Here are some tips for you to be able to use some of your income to save towards your mortgage.

1. Get a high-interest savings account

The first step is to speak with your chosen bank about getting a high-interest savings account. These accounts effectively give you free money for having money in them and using them to build up your savings. Therefore, helping you to reach your goal a lot quicker. 

If you’ve been with a bank for a particular amount of time, you should be able to come up with some type of deal so that you can boost your savings.

2. Research schemes

Depending on where you live or where you’re looking to buy, there are plenty of schemes out there for people looking to buy their first homes. These include things like shared ownership where you part buy and part rent the rest. The longer you pay off the mortgage, the longer you can save towards buying out the other party that owns the rest of your property.

There may also be government incentives in some places where they support people financially who are looking to take their first steps on the property ladder.

3. Improve your credit score

You’re very unlikely to be offered a decent mortgage if you have a poor credit rating. The only way you can improve your credit rating is by getting credit in the first place. Even if that means taking out a credit card with a very low limit and using that to pay a monthly bill that then gets paid off once you get your salary, you’re going to be able to have a credit file open and slowly start to build your credit that way.

4. Live the leanest

It won’t be forever, but the less money you spend–the more you can save towards your deposit. If that means living without certain luxuries for a period then it will be worth it in the long run. Spend enough to keep a roof over your head and food on the table, but think of places you can make cutbacks. It may mean having to sacrifice your morning takeout coffee or trip to the movies, but the sooner you save, the closer your dream of owning a house will come.

best,

– a contributed post

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15 Father’s Day Gift Ideas That Won’t Break The Bank

15 Father’s Day Gift Ideas That Won’t Break The Bank

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