Mind, Body, and Soul is sponsored content from Fresh Ground Financial.
Your retirement is not going to plan itself. I know that's obvious, but it doesn't make it any less true.
Whether you plan to stop working at the age of 45 or 80, move to the ocean, or live where you are; if you're going to fund it, you need to plan for it.
Here are 3 keys to being prepared for the 'retirement' you want.
1) Figure out what you want
It is hard to plan for a trip when you do not know the destination. Take some time to think about what you want. With knowing, it'll be hard to plan how to achieve it.
Here's a fun little exercise that might help. Think about being 95 years old, on your death bed, and reminiscing about the amazing life you've lived. What made it amazing? Now, what do you need -- and need to do -- to make that happen?
2) Save, Save, Save. Intentionally.
If you're like most Canadians, your paycheck goes to monthly expenses and living costs. If you happen to have anything left, you might give and save the little that's left over. This is a surefire way to NOT hit your retirement goals. Money doesn't grow on trees and get rich quick schemes that work are hard to find. Growing your money takes planning and intentionality.
In order to reach your retirement lifestyle goes, you need to make saving your money a top priority. Intentionally set aside savings, and take it right off the top of every paycheck.
3) See an independent financial advisor
An independent advisor is not tied to a particular financial institution or bank (like a bank-employed advisor would be), and can offer you an unbiased opinion and some expertise on what you can do to improve your financial position.
Advisors can ensure that you are well insured so that you don't end up in a financial bind and need to withdraw from your future savings if you or a close family member unexpectedly passes away, or becomes ill and can not work.
Advisors can help you figure out how much you need to save, and the rate of return you need to achieve to reach your goals, and advise you on the saving and/or investing strategies that will help you reach them.
Ultimately, an independent financial advisor is there to work for you and help you achieve what you want.
Good things generally do not come easy. Financial freedom and the freedom to live the way you want don't either. It takes planning, intentionality, and maybe a little sacrifice on your way there. Following these 3 keys will help, and it'll all be worth it.
Want some ideas on how to make this change in your financial world? Join our next webinar, The 3 Keys To Grow Your Money on May 27, 2021 at 7 p.m.
After registering, you will receive a confirmation email containing information about joining the webinar.