1. Pray for the best and plan for the worst.
Its great to look forward to the best in life but it wise to plan for the worst just in case things did not work out as hoped. A great part of premature death after retirement is because people's expections are not realised and they did not have a plan B.
2. Avoid falling victim to Parkinson's law
Parkinson's law states that expenses will rise to meet income. Most people fall victim of this law. The best way to deal with this is to take up a savings policy every time there is an increment in your income.The increment is chanelled to this policy where they accummulate over time and are then invested wisely. By so doing, you maintain your expense level and increase your networth.
3. Set financial goals and take up a plan to achieve your goals.
Goal setting is important in achieving success. Financial goals include owning real estate, starting or buying a business, sending a child to college, retiring early with enough in your RSA account. All these can be achieve by determining a target amount to accomplish the financial goal and the time frame within which you intend to achieve the goal The target amount divided by the number of preferred period be it months,quaters, half year, or annual will give you an idea of how much you must put away periodically to achieve your goal.
4. Start planning for your retirement early.
It is always wiser to start your retirement planning early. Two major reasons for this are firstly you will have a longer period of time to accumulate and grow your retirement nest and secondly the effect of compounding is usually greater in later years than in earlier years.This means that effectively you can save lesser amount of money than a person with a shorter span and still end up with more money in your retirement nest.
5. Savings , investment and insurance are essential.
These are the tripod on which financial security stands. Savings help you to accumulate, investment helps you to grow and insurance helps you to protect your investment and income and ensures your family are well catered for incase of the unexpected.
5. Savings , investment and insurance are essential.
These are the tripod on which financial security stands. Savings help you to accumulate, investment helps you to grow and insurance helps you to protect your investment and income and ensures your family are well catered for incase of the unexpected.
6. Develop an investment strategy to minimize your tax liability.
Taxation if not well managed can eat up a lange chunk of your retirement nest. Expert advise is needed on the types of savings and investment that will give the best tax breaks and benefits.
7. Consult a financial advisor before you begin investing.
Its always wise to seek the help of a financial advisor to provide advice on the best investment and tax management strategies as well as recommended appropriate investment that will suit the peculiar circumstances of the client.
Taxation if not well managed can eat up a lange chunk of your retirement nest. Expert advise is needed on the types of savings and investment that will give the best tax breaks and benefits.
7. Consult a financial advisor before you begin investing.
Its always wise to seek the help of a financial advisor to provide advice on the best investment and tax management strategies as well as recommended appropriate investment that will suit the peculiar circumstances of the client.
For free consultation please call 08039286522 or send email to info@hillcrestprofessionals.com
No comments:
Post a Comment