Being able to retire with an outlook of living a successful and stress free life afterwards is a feeling that every individual wishes to experience. With that being said, there aren’t too many individuals out there that have retired with enough savings to live a happy life. Let’s not forget to mention the fact that age is irrelevant to becoming financially independent. To help solve your problems, we’ve outlined a successful savings plan that will allow you to retire in the next 15 years.
Come up with the ultimate post-retirement budget ahead of time
Planning ahead along every step of life will always lead you to success. The same goes for your post-retirement phase of life. Coming up with the ultimate post-retirement budget ahead of time can help lead you to living a life free of worries and full of contentment.
Firstly, you need to be aware of the sum of money you’ll need to enjoy your retirement phase. This provides you with a financial target to work against. Those individuals that have managed to organize themselves budget wise during their current employment phase are way ahead of the game.
This is because planning your budget when you have the financial resources available gives you a good indication of what sort of expenses occur every month and how much money you should be keeping aside.
In case you’re part of the bunch that still hasn’t been able to set a budget during their employment phase, have no worry. It’s never too late to plan a financial budget. Start by over viewing your bank statements and credit card bills to get a rough idea of where you’re spending the most and then go on from there. You can also keep a financial diary so that you have a track record of your expenses in one place.
Avoid all means of financial debt
When you’re planning of entering the retirement phase, you need to keep a cross check on all expenses and that means avoiding all means of financial debt. In simple terms, this means living below your standard luxuries if you have to or simple living a more frugal life.
Avoiding debt doesn’t mean following a substandard way of life or depriving yourself. It simply means being more careful and smarter when making spending decisions. The perfect example is waiting to purchase something only when you have the cash to pay for it.
Allow your career to grow
It’s no surprise that your career is your main source of income. You can definitely work your way of managing your career in such a way that it allows as much growth as possible to occur. Examples include the following:
- Become more attractive- After all, attractive people are twice as likely to get hired.
- Over-perform your tasks- You need to shine amongst a crowd of competition. What better way of doing so than by over performing tasks assigned to you.
- Be likeable- Many employers out there rate likeability higher than performance in terms of value.
- Expand your network- Allowing your network to expand across a sea of people really assists you in getting a better job and turning into a better employee.
Find other ways of increasing your income
Reaching your financial goals gets so much easier when you have multiple streams of income. If you plan on retiring within a span of 15 years, you need to increase your earnings. This involves increasing the possibilities of earning money.
One of the best ways of increasing your income is making investments. The sooner you make the investment, the faster and greater your savings will grow. Another great way of increasing your income is improving productivity and better use of your spare time. This is also known as side hustling.
You can get a side job such as driving for Uber on the weekends or even start up a small side business. This way, you’ll not only be earning some extra cash, but also be speeding up your retirement date as you’re no longer solely relying on your job.