Another Handful of Tips 99R – Saving for Retirement
The five best tips to help you achieve your long-term financial goals
The sooner you start, the greater your chance to succeed.
Compounding interest on your savings is a good way to build a nest egg. Try to save a little each payday.
1. Set long-term goals
Review your plans regularly.
Calculate your net worth every year and make any necessary changes.
2. Pay off debts as soon as possible
It’s easy to get into debt but hard to get out of it. Pay off your credit cards as soon as possible.
Manage your mortgage repayments carefully.
3. Get yourself a mentor or a good financial adviser
Make the most of other people’s experiences especially those who have had sound training in investing and accounting.
4. Develop a risk protection strategy
Cover your risks with insurances, income protection, trauma cover and health insurance.
5. Build up your investment assets
Aim for a nest-egg for the times when you are not earning.
Spread your risks. “Don’t put all your eggs into one basket.”Diversify into property and into shares.
You will be well rewarded by sound planning and by saving a little sum of money each week.
– Geoffrey Moss, mossassociates.co.nz
“One of life’s great thrills is paying off that last instalment.”
SOURCE: “Secrets for Success. This book could change your life.” Moss Associates Ltd, New Zealand and Cengage Learning Asia. Also published as an e-book available from Amazon.com.