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Financial security has always been the major concern of every living being just as retirement is the last thing on the mind of those under 30. After all, there are too many things we want to do in life, such as purchasing a car, buying a house, and starting a family, it's hard to even think about saving for the future. Plans to save are somewhere around the corner but you just can't seem to grasp it because expenses are more than your income.
However, attaining financial security needs not be a super stressful task as is commonly assumed. The process of Attaining this goal has some serious benefits, as you tend to train your self to be more disciplined in certain areas, particularly in terms of spending.
Long-term financial security can be attained without sacrificing your long-term goals.
You are your most important asset
Yes, you read that right, you are your most important asset. Somewhere along the line you must have developed some set of skills both formally and informally, coupled with knowledge and experience. These knowledge, skills and experience are the greatest assets one can have.
Your career choice is the most important factor in achieving financial independence, this choice depends on the skills and experience you have gathered with time. Consider yourself a financial asset and invest in yourself through hard work, continual upgrading of skills and making smarter choices. Making efforts to improve your career will produce a better result than you'd get when you focus only on saving.
Make planning a habit
Research has shown that those who planned for the future end up with more wealth than those who do not. Yes, Success does not come suddenly or it’s going to be wasted. Successful people are goal oriented; they set goals and develop plans to reach the set goals. Sometimes the simple step of writing down some goals will actually go a long way in helping you achieve them.
Being goal oriented and following a plan means you are taking control of your life. Write a to-do list today, set a time frame for achieving each of the goals, with step by step guides on exactly how you intend to achieve them; you’d be surprised what happens next. You’d be achieving your goals faster than you even imagined, that’s how simple it is.
Control your lifestyle
Make sure your lifestyle does not overshadow your Income growth. Many graduates discover that in the few years of working, they have more money than they can control, while still used to their excess student-spending habits. This excess in-flow of money should be seen as an advantage, unfortunately only a few of them actually make use of this opportunity to save and invest wisely.
Rather than using your excess income to live a luxurious life, this excess could be put into savings. As you advance into your career and attain greater responsibilities, your salary should increase just as your expenses will follow suit. If the cost of your lifestyle is slightly below your income, you will always have left overs and much more than you expect that can be put towards paying off debts, saving for a home, and maybe a little bit of investment.
Educate yourself financially
Making money is one thing; the ability to make it grow is another. Financial management and Investment are lifelong endeavours which can only come through discipline. Making sound financial decisions is important for achieving your financial goals.
The more knowledge you have on financial matters, the fewer mistakes you’d make. Educate yourself; read books, attend financial seminars and you’d see that you’re making progress.
Seize the opportunity
Taking calculated risks when you are still young can be a prudent decision in the long run- move to a new city with more job opportunities, go back to school for additional training, (it doesn’t have to be the conventional four walls of a class room), learn a skill, take online courses. You could even take a new job at a different company for less pay but with upside potential.
You might make mistakes along the way but it shouldn’t discourage you because mistake is the only way to learn the ways it wouldn’t work. We tend to learn from our mistakes than our success. Younger people can afford to take risks; these opportunities may not be available later in life. Taking calculated risks when you're still young is necessary to get ahead financially. Take the step today and move into your success.
Borrow to invest not spend
You should never borrow money to finance a lifestyle you cannot afford. Using debts to maintain a lifestyle of your desire to is a really big set back when it comes to building financial security. The frequenting lending will ensure that you are never left with enough money for investment purpose, and the added interest on the debts will continually affect you and increases the cost of the lifestyle.
Conclusion
Retirement at 30 may seem impossible and too good to be true, but I assure you that it’s possible; it all depends on your level of discipline, determination and your ability to learn.
First published on my read.cash blog!
Posted Using LeoFinance Beta