As college students, what you're most probably concerned about are your school marks, friends, clothes, or the allowances that you receive from your parents. At your age, the topic of retirement may not strike you just yet. But know that the earlier you plan for it and do something, the better quality of life that you can be expecting later on.
Your folks achieve probably discussed this with you, but since you're still in school and it might be that you only depend on your daily weekly allowances, you are left with wondering about how to plan retirement. Taking a deeper look at your finances will do the trick. Endeavor to list down all of your receivables and expenses and from there, you'll see how much of your money is really put to good use. You may find the task wearisome, but the effort will be all worth it in the end.
Opening a new bank account is another good start. Maintain it by regularly depositing here a fixed portion of your monthly allowance or wage from your part-time job. By doing this, you likewise slowly begin to build your savings or retirement fund. As you reduce spending on some indulgences such as movie dates, shopping or eat outs as a result of your day to day expense monitoring, you will then be able to augment your savings or retirement fund.
The absence of a profession for now makes investing or buying a property an impracticable thing to do. But as long as you continue to sustain your good credit standing, it will likely be easy for you to apply for a loan to buy that house or to start a new business. Remember that excellent credit history is one of the requirements before you can be granted a loan. So as early as now, seek to have a clean credit card profile or whatever proof you can present as a requirement.
Do not allow feelings of disappointment win over you if you perceive that the amount of money that you have is too little. What is essential is your will to follow and abide by the above-mentioned retirement planning tips while you are still in your teens or early 20s. If it's saved and used properly, you can absolutely look forward to a good life when you retire.
Your folks achieve probably discussed this with you, but since you're still in school and it might be that you only depend on your daily weekly allowances, you are left with wondering about how to plan retirement. Taking a deeper look at your finances will do the trick. Endeavor to list down all of your receivables and expenses and from there, you'll see how much of your money is really put to good use. You may find the task wearisome, but the effort will be all worth it in the end.
Opening a new bank account is another good start. Maintain it by regularly depositing here a fixed portion of your monthly allowance or wage from your part-time job. By doing this, you likewise slowly begin to build your savings or retirement fund. As you reduce spending on some indulgences such as movie dates, shopping or eat outs as a result of your day to day expense monitoring, you will then be able to augment your savings or retirement fund.
The absence of a profession for now makes investing or buying a property an impracticable thing to do. But as long as you continue to sustain your good credit standing, it will likely be easy for you to apply for a loan to buy that house or to start a new business. Remember that excellent credit history is one of the requirements before you can be granted a loan. So as early as now, seek to have a clean credit card profile or whatever proof you can present as a requirement.
Do not allow feelings of disappointment win over you if you perceive that the amount of money that you have is too little. What is essential is your will to follow and abide by the above-mentioned retirement planning tips while you are still in your teens or early 20s. If it's saved and used properly, you can absolutely look forward to a good life when you retire.
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