Do you really want to work until you are 92?

May 28, 2006 by Millionaire in the making
Filed under: Wealth Coach Diaries 

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Tim says:

I have read the latest news about providing for our retirement with some interest. We are all living longer and this continues to add to the financial demands of the country. The current statistics, from the DWP, suggest that as many as 12 million people are saving too little towards old age. It seems to point to a worrying trend - working longer and getting less at the end (in real terms).

It doesn’t have to be that way, does it?

So what practical and straightforward steps could we be taking to improve our financial position?

1. We could save 10% of our income every month and allow the magic of compound interest to magnify and multiply our investment. Compounding is the 8th wonder of the world according to Albert Einstein
2. Manage our finances more carefully – expenditure and income
3. Minimise “bad debt” and maximise “good debt” In other words, invest in things that make you money as opposed to things that cost you money.
4. Invest in shares or equities. Shares and equities have consistently outperformed more traditional savings accounts since the 1930’s
5. Sell services or products via the internet. It is possible to do this entirely passively and earn money while you sleep
6. Mind your own business. Build a new business around something you are passionate about. A hobby, your kids, providing a service…….the diversity of the opportunity is boundless.
7. Invest in property. The price of property is determined by supply and demand – if there is more demand than supply then the price goes up. Property prices have doubled in less than 10 years in many places and some have doubled in less time. Imagine if you could find a way to buy a property for £100k and you left it to double over 10 years. It might be nice to have another £100k to put into your pension pot.
8. Improve your financial knowledge - read the books and go to the seminars
9. Get yourself a great coach. A coach who can guide and support you through every step of the way on your journey to financial success.

So are you going to work until you are 92 or are you going to take a chance and make a difference in your life?

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