Are You Able to Retire if You're Not Already Rich?

 Many retirees drastically downgrade their lifestyles due to inadequate savings.(Many retirees drastically change their way of life because they don't have enough money saved.) - Matthew Frankel

When I was reading the post about retirement, the sentence above caught my attention. "How about if that actually occurred to me?" I asked myself.

 It's not easy to have to change your way of life. Both mental and physical health will be affected by this.

When you're young, having money problems can lead to a lot of different things. What if something happens to you when you're old and can't work anymore?

 I still don't understand what retirement is all about. My income is also less stable. Don't ever mind benefiting or making investments; just not possessing liabilities is very grateful.

 Even though the articles said that $40,000 is the best amount to save for retirement, I can't believe I got it. This got me thinking of Kompasiana's topic, "Don't even get old before you can get rich."

Financial planning and retirement go hand in hand. When you talk about planning for retirement, you also need to talk about how to choose the best financial strategy.

 Putting money into the stock market is a common way to save for retirement. Most of the time, the very first option is to place away 15% of revenue for retirement.

The problem is that saving and investing are not the same thing. Planning for retirement with a small amount of savings won't work. He had to put in a lot of money.

Using the example that $1 = Rp 15,000, $401,000 = Rp 6,015,000,000 (six billion and fifteen million rupiah). It's not true that the old come before the rich.

 My question was, "At which age could perhaps pension funds start to be taken out?"

Teenagers haven't even thought about leaving school. Young people probably won't be thinking about retiring.

 People my age, in their 40s, must have retired at some point. When a person starts to notice that their skin feels different, What used to "function like a horse" is starting to hurt and needs to be soothed.

 How many people in my generation can raise $6 billion during the next 20 to 30 years? I really don't understand how.

 I can only help people with their finances. I believe it would be beneficial to do what you can control right now instead of letting the stress get worse.

 Putting in Connections

I always tell my little girl that making money is, by far, the most important step in financial management. If no money is coming in, there is no way to manage finances.

 I really have no control over the amount that goes up, though. For more than a period of time, the number of customers can go up or down.

 But I can keep making new friends and acquaintances, which is something I can control. because it's clear that new friends and associates can be helpful in the long run.

Is it necessary or desirable?

I always ask myself this question. If so, how soon do you need this? When would I use this thing going forward?

 So, when I buy things, I divide them into three groups.

 Desire and Need

I need and can't wait.

need to

When I spend money, I feel better about it when I buy less, buy less often, and think about what I want to buy before I buy it.

 Getting ready to buy

I take caution when I buy things apart from food, let alone things I don't need. I usually plan to buy something a month in advance.

 I do this so I don't feel as bad after buying something. The emotion of disappointment can come from knowing of a cheaper alternative or finding a better item.

 Researching all the best options is among the most effective methods of shopping. And it can be done by looking at how online shops do their business. Where you can buy the same thing and not only pay less but also get a discount or other perks (e.g., cashback, rewards, etc.).

 Is it true that spending more money on things can save you money?

On the one hand, there is some truth to what was said. For example, after 6 years, a RP 350,000 bra has been said to be of excellent quality. Unlike underwear that costs Rp. 50,000.

 But purchasing goods for the little princess, especially things she uses every day, is a different story. Whether you buy an expensive razor or a cheap pencil sharpener, you will use it for the same amount of time. And I don't think it's a good idea to buy expensive toys for kids because they will get bored with them in the end.

 I also learned that healthy food costs a lot more than junk food. But now I'm learning how to budget for healthy food and drinks for our family.

 

A New Investment in Skills

It takes time and works to learn a new skill. But I think this is a way to make more money in the future.

Our business can be more competitive if we learn some new skills. which will make us healthier and keep our money in order. It could also be a part-time job or another way to make extra money.

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