This video discusses seven really positive outcomes a retiree can expect to receive from paying down debt. The video also discusses the method that I recommend, called the spare change method for getting out of debt quickly and with minimal financial pain.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider….(read more)
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7 Ways One Simple Action Improves Retirement
Retirement is a significant phase in everyone’s life, and ensuring a financially secure future during those golden years is crucial. While retirement planning can feel overwhelming at times, there is one simple action that can have a profound impact on improving your retirement. Let’s explore seven ways this action can help you enjoy a comfortable and stress-free retirement.
1. Start Saving Early: One straightforward action that can make a world of difference is starting to save for retirement as early as possible. By beginning to save in your 20s or 30s, you give yourself decades to build a substantial retirement nest egg. The power of compounding interest allows your savings to grow exponentially over time.
2. Consistent Contributions: Regularly contributing to a retirement account is vital. By consistently setting aside a portion of your income, you make retirement savings a priority. Even small amounts can make a difference when saved consistently over many years.
3. Take Advantage of Employer-Matching: If your employer offers a matching retirement contribution, take full advantage of it. This is essentially free money that vastly accelerates your savings potential. Failing to make the most of this benefit is leaving money on the table.
4. Diversify Your Investments: Relying solely on one investment option can be risky. Diversification is key to minimizing investment risk and maximizing returns. Seek professional advice and consider a combination of stocks, bonds, real estate, and other investments to safeguard your retirement savings.
5. Maintain a Budget: Sticking to a budget is vital throughout your working years and beyond. By keeping a keen eye on your expenses, you can cut unnecessary costs, save more, and maintain financial stability during retirement. Budgeting helps you understand your financial situation and make informed decisions.
6. Stay Informed: Educate yourself about investment strategies, taxation rules, and other pertinent financial knowledge. The investment landscape is ever-changing, and staying informed equips you to make prudent decisions for your retirement savings. Consider reading books, attending seminars, or consulting with financial advisors to enhance your understanding.
7. Review and Adjust: Another crucial action to improve retirement is regularly reviewing and adjusting your retirement plan as circumstances change. Don’t set your plan on autopilot and forget about it. Life is unpredictable, and regular evaluations help ensure that your savings goals align with your current situation. Be proactive in making necessary adjustments when needed.
In conclusion, taking one simple action can significantly improve your retirement. By starting to save early, making consistent contributions, taking advantage of employer-matching, diversifying investments, maintaining a budget, staying informed, and regularly reviewing your plan, you lay a solid foundation for a comfortable retirement. Implement these steps and enjoy the peace of mind that comes with knowing you are financially prepared for the next chapter of your life.
The apocalyptic mentality is a cash flow for enterprises that want people to spend on crap. The YOLO mindset is ruining the future of our great country USA. I’m not saying that one has to live meagerly , on the contrary most intelligent people who have enough money to live splendidly, live good simple life styles that afford them the chance and opportunity to help others in great need. I wish that idea would have forged our existing system and created a solid infrastructure. Our competitors are laughing at us – although we have a good system of full faith and credit , the basic notion of egoism is eating away our future.
In 1997; my high school buddies laugh at me for joining the military.
Fast forward to 2023 @ age 44; I am too laughing, and so thankful I made that decision, as it propelled me for early retirement.
Retired with pension, low cost healthcare and rental properties.
Also, just relocated overseas with my family to reduced cost of living by 50%; thank God.
All the best everyone!
If one is living in a city where the transportation system is good, and access by train to a larger city is handy, seriously consider giving up your car. This can greatly increase your income over the year. Sometimes owning a car, is only habit
The biggest thing to improve retirement is pay off the mortgage. In the UK interest rates are running at 6 or more per cent.
So imagine re directing say for example 1200 or more pounds every month into your own living.
Credit cards come second.
I love warm colours so rice grain is my fav
If you have a fixed 2.5% mortgage, and you have the money in the bank, you're better off keeping your cash. Why? Well, with real inflation running 10%, you're paying off your mortgage with cheaper dollars than you borrowed. Over the course of a 15 year fixed mortgage, that means that inflation is working against the lender and for the borrower (you). And now you have the money in the bank to cover a replacement roof, another car if yours breaks, or family emergencies.
Money in your house is non-liquid and requires a HELOC or 2nd mortgage to get liquidity which will have a 7.5% interest rate. And now your house really is at risk because now it's leveraged in a way that will create issues if you miss a payment.
I retired debt free 7 years ago. The freedom that being debt free brings is priceless.
Spot on! I spent most of my life levering every asset to borrow and build more. Now the 30 or 40 year old me looks at my situation and screams I could be "crushing it" if I leveraged my assets. But I'm okay with no debt. I've made my money and I'm happy with what I have. I don't need to update my PFS every 6 months for my bankers. If my banker wants a meeting he comes to my home. It's time to relax and enjoy the roller-coaster that got me here.
The banking and lending industries have successfully invested billions to convince people that debt is good or at least inevitable and that a high credit score is desirable, necessary, and reflective of financial health
Hello Jeff, what would you say at age 53, having always rented a living space, would you buy a residence before retiring if it meant losing your savings to a down payment; but, paying off most of the mortgage…..hmm…
I am a retired soldier, disabled veteran, and a volunteer at my local VA Hospital. I have been debt-free for decades.
I've been watching a lot of your videos and the content is great! I have one constructive criticism, the sound effects are really loud and jarring and they don't add anything to your calm and soothing delivery. I love the information you put out there, thank you for sharing great wisdom!
What did he just say? 2 or 3 sentences of just the facts please
lol
thanks!!
Thank you. Just what I needed to watch.
My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
OMG! You are HYSTERICAL! and informative. I love the apocalypse jokes and the clicking on the computer doing the research! Ha! Ha! Ha! Too funny!
I agree with you on this. Now tell our government to stop rewarding people with bad credit. Lol
In the true apocalypse, fishing rods and fishing lures are going to be The most important commodities.
But if I was being hunted by zombies, I'd want a drawer full of handguns, ammo, sharp knives and a kitchen full of dry goods . . . . continue.