PLanning for retirement

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Sometimes I see older people struggle a lot after their retirement from work, they find it difficult to keep up to living a good life, Things change dramatically for them. Like in my country, most of these retired government workers will beginning to find other jobs just to be able to keep their lives going, and some are lucky to find security jobs that pays, but very little amount which might not even take them for a whole month. I see them struggle to make ends meet. Most of them rely on their pension which can't even afford them a better life.

The thing is; people fail to plan while in service, they live and spend their resources anyhow they like, forgetting to know that days and years are fleeting, and that later or sooner, they will end up retired. Most of these retired struggling people were lost in acquiring flashing things like; vehicles, clothing and paying of rent on expensive building and moving here and there with beautiful women without properly planning their lives. And immediate they are retired from work, all the woman they were flaunting with left, they could no long pay bills on those expensive buildings and because the lack the funds to maintain those flashy vehicles the acquired, they sold them out at a more cheaper prices out of distress and they went down to nothing.

It is necessary to begin planning your retirement and old age while on service. Because difficulty doesn't come when you are still young, it come when you are old and doesn't have the strength to do those things you were doing while in your youth. So making plans for your retirement is paramount, not just for you, for your own children, to give them better life, to be able to go out with your family for picnics, to live a financial struggle free life. the goals is to retire a wealthy person, and retire at 40. So lets see how we can achieve these;

Understand you can't get rich earning salary: It is not bad working for money, but don't rely on your salary, salary can't make you rich. Salary can only satisfy your needs at the moments, but you can't get rich working for it. there is no wealthy person today who is living from salary. NO! Not one. All the wealthy people you see around you or the ones you have heard of, most are 75% entrepreneurs, 15% investors and 7% inherited wealth and 3% Entertainers.
So none of these wealthy people live on salary.

The ability to work your way from just earning salary to living a wealthy free life is in your discipline, decision making and the ability to recognize good opportunities. I see lots of Salary earners making this mistake; saving most of their funds, so at the end when they are retired, they can live on them. That's a trap, you can't live on your savings { am not implying that savings is bad, if you are wealthy, and have a good passive income flows, then savings could be your best option} because the governments keeps printing, and money keep losing values. The worth $100,000 today won't stay the same in 5 years from now, and even with your good savings, you become poor at the end, because your saved funds keep losing values over time. the product you will buy today for $0.20, might be worth $3 in five years time and your money still becomes useless.

So you see. The best thing to do is to save 20% of your salary, 20% for daily life and 60% for investment. It requires discipline to do this. I know it's usually not easy, but it's simple. All you have to do is to avoid the things that are not needed and go for everything that is needed . buy assets and own assets and not liabilities. of course you should know that anything that doesn't put money in your pocket is a liability. save to invest on rented properties. rented properties are well sorted for.

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save to invest on stocks and mutual funds also. plan to open a little business where one can manage for you, while you are working. And again you can also invest some of your funds here on hive blog. both on Hp and Hbd to earn constant passive income. of course a platform which as stayed this long, is worth investing on. So friend I think these ideas can help improve your financial statutes as a salary earner and can also guarantee your wellbeing after retirements.

Thanks for your time, and see you again in my next article.

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