Retire Rich? Or Retire Poor?
Retirement is the worst enemy of a person. why? because that is the most unprepared moment for more than a half of a retired worker. Some Even Retires without any extra money for there needs and worst of all there saving is just enough for medicines.Choose You this Day
has been said, that what You are today is the product of your decisions in the past. Nobody will be blamed on your situation today it is You who will be blamed. Many of us has numerous dreams. some dream when they retire, they want to retire financially stable. Their are some also contented of there situation.
Some financial advisers give nice advice to those employed to have a savings plan that when the time comes in the future, there might some blessings await for there future needs. Here at wealthy affiliate, by the way what is "retirement?" retirement is the process determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.
Components of Retirement
There are two components to retirement income planning: Personal Planning and Financial Planning. Personal planning is important because it is the determining factor of your satisfaction with your retirement lifestyle.
Financial planning is crucial because it identifies your sources of income and expenses and establishes your retirement budget, based on your personal plan.
Today at Wealthy Affiliate, we are trained to work for our future. We have classes every day. We are taught to prepare for our future, to save and to build network of assets so that someday when we retire, we will not become a liability to our children government and to the community. as mentioned above the most crucial part is the financial planning, why? there are many wealthy people become broke during there old age because they did not manage there finances while they are still able and wealthy due to the fact that instead ob buying assets they buy instead liabilities.
therefore, if You want to retire wealthy collect asset but set aside liabilities, spend your money wisely, do not get angry with the money, what I mean is, if You have money do not spend it overnight. if possible, have savings, save for your future this is what I always tell to my sons, Please do not spend beyond your income. live within You means. Let us be financially wise person. and do not think that if You are earning 8 digits today, You still earn that tomorrow. We do not hold the time. The choice is yours, retire rich? or retire poor.