RULE 83: Put Something Aside For Your Old Age – No, More Than That!

Kano Politician & Second son to late Nigerian President, Gen. Sani Abacha, Alhaji Abba Abacha
When you realize
you are cracking along fast in the outside lane of the age motorway and can see
less road ahead than there used to be, you should be keen to make sure that if
you do stop earning you will still be able to afford the level of style, luxury
and comfort you now enjoy or want to enjoy.

There are some
really good reasons why you should put aside money for your old age:
• You can’t rely
on the state any more.
• If you don’t
save for yourself, then you may have to rely on the kindness of strangers – or
family, which might be worse.
• If you have no
old age plan, you may lose control of your level of comfort, style and luxury.
• You will lose
control of your financial freedom.
• You may lose
control of bodily functions and will need money to take care of medical bills. 
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• As you age you
do slow up, and working as hard as you are now will be impossible.
• You also don’t
want to have to always work hard (though you may choose to) – for most
of us, there is a time for sitting in the sunshine and if it isn’t when you’re
old, then when is it? So why haven’t we put something aside already? Well, when
we are young it’s hard to envisage a time when we won’t be. So we don’t need to
prepare for it. Also we are too busy having a good time to think about such
things. 

“It’s never too late to start, but the earlier you
do it, the less it will hurt. Prioritize spending – list what you are going to
spend on and see if ‘the future’ is there. If it isn’t, put it there and make
it top of the list ahead of that new boat or trip to Paris”.

Also we are too
busy looking after other members of our family to have much time to think about
ourselves. Also we are mortgaged up to the hilt and work is hard enough. Also
we haven’t entered our earning boom period of our fifties so don’t have lump
sums to salt away. Also, also, also!
So, if we are
going to put something aside, perhaps we need a few guidelines:
• It’s never too
late to start, but the earlier you do it, the less it will hurt. Prioritize
spending – list what you are going to spend on and see if ‘the future’ is
there. If it isn’t, put it there and make it top of the list ahead of that new
boat or trip to Paris.
• If you haven’t
saved much by your fifties put in a lump sum to seed your retirement plan.
• Get your
finances in order and curb waste – spend it instead on your plan.
• If you don’t
have a pension, make sure you have something that will fund your retirement later
years (property to sell? shares to cash in?) and that they will be sufficient.
• Always think
high interest and move money around to get the best out of it.
Trade down property as you get older and your needs
get smaller – once the kids have all left home you don’t need so much space so
invest the profits and downsize.
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
84
of Rule of Wealth tomorrow on Asabeafrika)
Read-to-Wealth Series







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