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Last Updated: Feb 6, 2017 - 2:32:04 PM |
 "The only thing that will stop you from achieving your dreams is you."
If you really want to be sick and tired; old and broke; unhappy and miserable in your golden years then here are four things that you can do to ruin your future – Guaranteed!
Forget About Your Retirement
The first thing that you need to do to ensure your future is a disaster is not to think about retirement now. That’s right! Don’t bother yourself with this sort stuff now; you’re just too young for that. Just wait until you are in your late 50’s and then begin to think about retirement. By this time you would have lost as much time and money as possible and now old enough to start planning.
This would put you in line with the other 80 percent of Bahamians who after working for 40 years and over 80,000 hours; at age 65 will have to continue working and be dependent on the government, their family or charity for support. If this is the company you’d like to keep then continue to be too busy living to think about your retirement now.
Spent All Your Money
With all the struggles of life why bother to save. It’s difficult enough making ends meet with the little salary
“these people paying you anyway.” So just continue to live for today and let tomorrow take care of itself. Who knows what tomorrow will bring.
Don’t worry about budgeting or controlling your expense. Just make sure everyone else gets your hard earn money and none is left for you.
No money saved means no money invested which equals no money compounding which equals no money for your future goals.
Don’t Do Any Investing
You have heard
‘the early bird gets the worm.’ Well this is true about investing. That’s why you don’t want to behave like the
‘early bird’- because nothing influences your investment like starting early.
Consider this:
You can at age 25 invest $5,000 a year (about $100 a week) for 10 years at a return of 11% and then stops at age 35. You then don’t add or withdraw any money but leaves the account alone. At age 65 you would have accumulated $787,176.00.
You can put off investing until age 35 and invests $5,000 a year for 10 years at 11% and stops at age 45. At age 65 you would have accumulated $364,615.00
Although you saved the same amount of money $50,000.00 each time. Starting at 25 give you $422,567 more than at age 35. But what you want to do is to delay as long as possible so let’s consider what you should do.
You can starts at 45 and invested $5,000 a year for 10 years at 11% and stops at 55. You would have invested the same $50,000.00 but starting at age 25 would have given you $618,289 more.
You decided that even starting at 45 is not possible for you because the kids are in school and you need the money for their tuition and other living expenses so you’ll just wait until age 55. So you will have only $83,227.00 in your account. $703,949 less than at age 25.
Don’t Take Care of Yourself
Finally you want to make sure that you are as unfit as possible. Don’t worry yourself about your weight or get your blood pressure and cholesterol checked. Don’t bother to exercise. Eat and indulge yourself with junk and fast foods, while ignoring how much trans-fatty acids, sugar, salt, nicotine and alcohol you consume each day.
Go ahead do all that you can do during this first half of your life to shorten the second half of your life. Ensure that you get all of the lifestyle diseases that can easily be prevented by nutrition, exercise and a little adjustment now to your lifestyle, like diabetes, high blood pressure, high cholesterol and obesity. These will all help you to be in the poorest health possible and will greatly diminishing the quality of your life.
If you’re like 80% of Bahamian you’re right on tract- You aren’t thinking about your retirement now, you aren’t saving or investing regularly and you are not concerned about your health. So you don’t have to change anything.
Just keep on doing what you’re doing and you’ll ruin your future – Guaranteed!
But if you’d like to change your situation then you will get yourself a copy of the financial planning workbook
“Taking Control of Your Money” or the retirement planning workbook
“Strategies for Achieving A Comfortable Retirement- Yours” today!
“It's time to start living the life you've imagined”- Henry James
Glenn Ferguson is a financial & retirement Speaker, Coach and Syndicated Writer, helping you to painlessly take control of your Money, to create wealth for yourself and family. Email to: glenn@financialcoachingwithglenn.com Website www.financialcoachingwithglenn.com Tel: 242-327-2453 Fax: 242-327-2456.
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