So, you want to live comfortably in your future years and you’re not so sure it’s going to happen. What to do? The best step is to maximize your savings. If you’re not already putting the most you can into your retirement accounts, consider starting now.
Here’s how most people invest: Act on impulse, React to things they see in the news, Do what their friends are doing, Do their own research and convince themselves they can see what the future holds, Bet their life savings on tips and hunches. Don’t be like most investors!
When thinking about your spending, be sure to lump expenses together to save yourself from being overwhelmed by the number of categories or buckets you have.
We are too good at beating ourselves up and in our finances that happens most with our spending. While I love knowing what your spending is, be careful not to be too critical too quickly.
If one of your goals is to maintain or increase your lifestyle, doesn’t it seem logical that you should know how much your lifestyle costs?
A lot of people like to use rules of thumb with their finances. Don’t fall for that. You are not average. No one is.
Life insurance is used to pay for things you would pay for yourself if you were alive to do it. Therefore, we only want to buy insurance to replace actual income you expect to earn during your lifetime.
The goal with taxes is not to pay the least amount of tax – it’s to keep as much as you possibly can. There are lots of strategies out there designed to minimize taxes, and unfortunately, many of them also minimize what you take home.