Be Legendary
Retiring confidently requires careful planning and preparation. Here are some steps you can take to help you retire with confidence: Set clear retirement goals: Define what you want your retirement to look like. Consider your desired lifestyle, financial needs, and any specific retirement goals, such as travel or hobbies. Create a retirement budget: Develop a … Continue reading Retirement Series – How to Retire Confidently
There is always an element of risk, but investing is good for several reasons: Possibility for better returns: Compared to merely saving money in a bank account, investing has the potential to produce larger returns. While investment returns are not guaranteed, traditionally the stock market has offered greater long-term returns than savings accounts. Investment can … Continue reading Why You Must Invest and Why Some People Don’t.
Some of the better mindsets to have when it comes to money include: Being mindful and intentional with spending: This means being aware of where your money is going and making conscious decisions about how to use it. It also means avoiding impulse buying and overspending. Setting financial goals: Having specific goals in mind, such … Continue reading Having the Right Mindset About Money.
Instant Gratification Instant gratification, or the urge to meet one's needs or wants right away, can be detrimental to one's finances because it can result in impulsive purchases and overspending. When people give in to desires to purchase items they don't need or can't afford, it can result in debt and other money issues. Studies … Continue reading Retirement Series – Meet Enemy No 2
Not saving enough for emergencies or retirement. Living beyond their means and accumulating too much debt. Not having a budget or financial plan. Not investing for the long-term. Chasing high-risk investments without fully understanding the potential consequences. Not diversifying their portfolio. Not protecting their assets with insurance. Not regularly reviewing and adjusting their financial plan. … Continue reading The Ten Mistakes Most People Make When It Comes to Managing Their Finances.
Inflation. Inflation is a measure of the rate at which the overall price level of goods and services in an economy is rising. It is typically measured using a basket of commonly purchased items, such as food, housing, and energy, and is represented as a percentage change over a period of time, usually a year. … Continue reading Retirement Series -Meet The Number One Enemy
An emergency fund is a savings account set aside specifically for unexpected expenses or emergencies such as a job loss, medical emergency, or unexpected home or car repairs. It is generally recommended to have enough money in an emergency fund to cover three to six months' worth of living expenses. This is to help ensure … Continue reading Emergency Fund – A Crucial Element in Your Personal Finance
There can be a number of reasons why retirees may have difficulty maintaining relationships and connections with family and friends. One reason is that retirees may have moved away from their support networks, either to a different city or state, or to a retirement community. This can make it harder to maintain close relationships with … Continue reading Retirement Series – Relationships and Living Arrangements
Difficulty Managing and Budgeting Finances Difficulty managing and budgeting finances during retirement can be caused by several factors. One reason is that retirees may have a fixed income from sources such as, pensions, savings mandated by the government as in Employees Provident Fund (EPF) in Malaysia, or personal savings, which may not be enough to … Continue reading Retirement Series – Budgeting, Finances and Decisions
Besides financial and health challenges, retirees go through other changes in their once they stop active employment. We look two of those here, namely change of lifestyle and social isolation. Difficulty adjusting to a change in lifestyle or schedule For many people, work provides structure and purpose in their lives, and retirement can leave a … Continue reading Retirement Series – The Challenges of Changes in Lifestyle, Loneliness and Isolation
