There are things you can do to improve your personal finances, and even make your retirement possible. This article contains ten common sense personal finance ideas that could power you through to your financial goals.
1) Find a way to save, invest, and earn what you need. You can volunteer for overtime. You can search for part-time, casual, and seasonal employment. Could you get a less expensive home closer to work? Get good (for real) at work that most people are not good at. Become the “go-to” person at work.
2) Get out of actively managed funds. In Money mastery, Tony Robbins explains beyond doubt, you want index funds, not managed funds. You'll save tens of thousands in taxes.
3) Buy an annuity or two from Vanguard. Vanguard offers very low fees. Why give retirement funds to a salesman? If you are worried about retirement income and / or young, it's a good idea to have an indexed annuity or two that mature when you are 75, 80, or 85.
4) If you have extra funds that you could afford to lose, consider speculating in individual stocks. If you have market experience, are smart, and are willing to learn, you could search for stocks on your own.
5) Invest at least half of all pay increases. If you're young, this one makes all the difference.
6) Back to saving. Eat cheap most of the time. Go to a discount outlet (or farmer's market) and buy produce, bags of salad, ravioli, chicken, tuna, and staples. It will not hurt your health.
7) Resist pressure from salesmen, bad “councilors,” phony friends, and TV to put on the dunce cap. Be wary of trolls making problems in your circle or at work.
8) Buy protective “puts” for large or risky holdings. A related rule is to “play with the house's money.” That is to take your principal and leave profits invested.
9) Take the long-term view. Maintain a short-term focus and a long term vision. Ask yourself where your spending, employment, investing, and how you spend your spare time are leading you long-term.
10) Choose to give your brain a work out. Ask yourself questions like:
– How can I afford it?
– Why not?
– What if?
– How can I _____?
– Is there a better way?
Incorporating these ideas and more ideas that I'll lead you to, will lead to a bigger net worth in a few years.