We all want financial security, but, wow, it sure does seem like a long way off to most of us, doesn’t it?
It’s hard to stay focused on such a distant goal, so I like to create mental milestones to reach, which are easier to get to and give some sense of satisfaction along the road to financial security. It’s just breaking the larger goal up into more manageable chunks.
Here are the stages to ensure your financial security:
hey, @big-o thanks for the book suggestion. Just picked it up on Amazon! 🙂 🙂
Actually rent is less efficient than buying a home over the long term (5 or more years).
You could always live in an apartment to save on money.
We finally finished paying off our entire mortgage last week. It was a struggle since we were always in massive debt for years. I think it was the risk of declaring bankruptcy that woke us up!
@girly_starz – you should check out Start Late, Finish Rich (Canadian Edition) – by David Bach. It’s a very easy and inspiring read.
Is there a good book i can read to expand on these ideas?
For young people saving at any age is always good. You don’t have to save as much but over the years that consistency compounds and would do wonders for your retirement.
The problem is young people never save.
I guess starting to save at 19 would be the ideal thing huh?
To the comment about not having $100K after 35. I dont think that is still a problem. I’ve seen folks in their 40 that are just saving. Yes it will be a little harder but not impossible.
@rabbit you bring up an interesting point. Credit card debt is the biggest problem that most Canadians have.
We are addicted to credit.
Good read.
Those stages are pretty much commonsense. What makes things more difficult is that most people have a hard time saving and paying their debt. Teach them responsbility and you will get a happy retirement.
Some interesting advice but am i too late to have $100,000 (i’m over 35)?