Wednesday, 10 April 2019

How to Prepare for Retirement?

Staying on a beach and travelling the world. Living on a dream house and driving the dream car. A usual retirement dreams of every Filipinos but the truth, only few achieved those dreams.

I'm not on my retirement yet,  it will take few years to get there. Let me share with you what I'm doing right now that might also be applicable for your  retirement journey.

Here are 3 simple tips:

First, Elimination of Bad Debts. Start clearing your loans, debts, and all other obligations so you can enjoy the full amount of your income every paycheck day. It's very hard to start saving or investing if you don't have peace of mind and any time someone will knock on your doors to ask for their payments.

Second, Pay yourself first. This is very popular advice but only few follow it strictly. Simple system is to make an automatic debit to another bank account that goes to your retirement funds. This money will be invested on investments that can help you have a minimum return of 8% per annum.

Third, Start a sidehustle. I don't want you to focus on cutting expenses instead grow your revenues. One way of increasing your savings is thru increasing your income. Start sidehustling or make some extra works that could bring cash flows. This sidehustle might also be the hobbies that you want to do after retirement from your corporate job.

These are simple steps that if apply consistently will help in achieving your dream retirement.

Looking forward to your dream retirement.

Jonathan Ruiz

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