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4 Reasons Why Retirement Savings are Important

I won’t ask how old you are. My question is, have you ever thought about your retirement? As a fresher, you may think it is quite pessimistic to discuss retirement. I’m not asking you to make the final decisions regarding the matter but rather only to consider your options. Here are the top four reasons why saving for retirement is important.

  1. Dreams

After decades of tireless and seemingly endless work, the world will forgive you for being a little selfish. With your retirement fund, you can finally make your dreams come true. You can consider it as a metaphor for your fairy godmother. After your retirement, you will have plenty of money and time in your hands so you can do whatever you’ve always wanted to. Whether it is learning oil painting in Venice or ice skating in New York, it is completely possible. Just make sure not to get carried away and spend everything overnight.

  1. Family

“What does a man do? A man provides.” If you are familiar with this phrase, then you will know that people go to great lengths to provide for their families. Just because you are retired doesn’t mean you are no longer responsible for your family’s finances – especially to ensure the future of your children. Even if they have graduated and found their own jobs, it is your duty as a parent to help them. So make sure to separate a part of your fund for your loved ones.

  1. Financial security

If you unsure about saving all your money in cash, you need not worry since there are many options available. You can invest your retirement fund through stocks, assets, shares and bonds. Precious metals such as gold and silver are the latest ways of investment. You can conduct a small research in order to learn more information on silver IRA or gold IRA. Since you may be a newbie to the field, do not worry about making the wrong investment option, since you can reverse it. For instance, if the market price for gold is low, you can convert it to silver by using a silver IRA rollover.  This way you can ensure that your retirement fund will always be an immediate backup during an emergency situation. 

  1. Medical expenses

This is an answer frequently heard from senior citizens. As you grow old your body grows fragile. It is important for you to save enough for health expenses. After all, what is the point of entertainment and recreation if you are not in the condition to enjoy it? Separating a portion for emergency and potential medical reasons ensures that you will not be totally reliant on your health insurance.

In conclusion, people start retirement funds for various reasons but despite dreams and plans, they usually spend it unwisely on the moment since their judgments are clouded by excitement. Therefore, whatever your plan is make sure you stick to it.

Have you ever considered a silver IRA?

When should you move out of your parent’s house?

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As we get older, graduate from school and start our lives many 20-somethings are asking themselves “When should I move out?”  There is really no correct answer, there’s not a one-size-fits-all solution as to when you should move out of your parent’s house.  It really depends on your personal and financial situation.

I moved out at 18 because I chose to leave home and attend university in a city 800 miles away from my family.  I had to grow up fast, learn to budget and pay bills while studying in my first year at college.  I wouldn’t change the way I did things because it was my choice, however I can say that my life would be very different if I would have stayed at home a bit longer.

Your parents need the space

This is a good reason to move out – because your parents tell you to.  This wasn’t my personal situation, but it did happen to a friend of mine.  When parents get divorced new families are formed and when your mom or dad want to start a life with their new spouse it doesn’t always include having their child living in the home.

Sometimes the perfect time to move out of your parent’s house is when they tell you to.

Until you get married

Traditional families may expect their children to stay at home until they’re ready to start their own family.  If I were a parent I’m not sure I would want my 30 year old child living with me just because they weren’t married.  Since I moved out of my parent’s house at an early age I am a big believer in kids moving out as soon as possible.  Living on your own requires a lot of growing up and there is a lot of freedom that comes with having your own space.

I definitely don’t think I would be the same person I am today if I stayed at my parent’s house.  However I would definitely have a lot more money if I would have lived at home for a few more years, at least until I graduated from college.

You want your own space

Moving out on your own comes with a lot of responsibility, but it’s also very rewarding.  With your own space you can come and go as you please, you never have to answer to anyone and you finally have a place to call your own.

If your parent’s home is getting a little bit too crowded and a little bit too stuffy it may be time to move out on your own.

Before anyone moves out on their own I would give two pieces of advice: learn to cook and learn to manage your money.  These were two big mistakes that I made when I moved out of my parent’s house.  I was emotionally ready to leave but I definitely wasn’t ready financially.  If I would have taken the time to learn how to cook edible food and manage my money it would have saved me a lot of grief in my 20s.

Photo from Pixabay

 

4 Ways to Overcome Money Problems in your 20s

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One of the benefits of being in our 20s is that we have a lot of growing up to do.  I know that sounds weird, but it’s true.  Our lives are just starting and the benefit is that we can make changes so our lives turn out to be whatever we want them to be.

I made a lot of mistakes in my 20s, (just as most 20 year olds do) a lot of which involved money.  The good thing about making mistakes in our 20s is that we can learn from them, make changes and go on to be whoever it is that we want to be.

If your 20-something money situation is less than ideal here are some ways you can make changes and improve your finances:

Talk about it with your partner

Not too long ago I found myself 27 years old and over $50k in debt.  BF didn’t want to talk about our money situation because our conversations would always end up in a fight about why we have no money and how we should spend the little money we had.  So I avoided the situation all together for the sake of our relationship.

However what we should have done was admit the problem and talk about it instead of avoid it.  The sooner one of us would have brought up the situation, the sooner we could have started to fix it.

Go to your bank and ask for help

Our finances got so bad that I considered declaring bankruptcy.  That’s a lot of financial trouble for anyone, but defintiely for someone who’s in her 20s to be in.  I thought I had my credit card payments under control and I thought I could become debt free if I wanted to…but I was wrong.

I should have asked for help a lot sooner than I did.  I should have went to my bank to set a budget, figure out how to cut my expenses and start spending less.  Instead I just kept making minimum payments and using the majority of my pay check to repay debt instead of living my life.

Change your lifestyle habits

A big contributing factor to my debt was the fact that I was living the fast life.  I was eating out at restaurants every day and never thinking twice about spending money.  This is a recipe for disaster.  A lot of people say that the one way to overcome money troubles is to stop spending, but that’s easier said than done.

I had to completely change my lifestyle in order to start spending less and making bigger payments towards my debt.  I moved to a smaller apartment outside of the core downtown area (where I had always lived), I cut my monthly expenses including switching to a smaller cell phone plan and downgrading from an extreme satellite package to basic cable.

Accept the emotions along with the finances

After a long hard look at my life I decided I was going to overcome my debt; however it wouldn’t be without tears.  I decided that bankruptcy wasn’t an option and I started accepting the fact that I was in a lot of trouble.  Only then could I actually swallow my pride (and there was a lot) and change my ways.

It definitely wasn’t easy to tell my friends I couldn’t hang out, start cooking at home instead of grabbing food on the go and learning to live on less.  But I did it and I am a better person for it.

Photo from Pixabay

Book Reviews: Author James Patterson

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I love a good author, almost just as much as I love a good book.  When I love an author I will try to read as many books as I can by them.  Sometimes I hit a bad book because let’s be honest not every single novel can be a best seller, but if I know the author and like them I’ll always give another one of their books a try.

The author is one of the main reasons why I read a book review or buy a new book, the synopsis is the second and the price is the third.  I refuse to pay $30 for a new book that I’m only going to read once and therefore I usually only buy paperbacks.  $12 is normally the maximum price I’ll ever pay for a book.

James Patterson is one of my favorite authors.  I first discovered him four years ago when a co-worker suggested I read his novel Sunday at Tiffany’s and since then I’ve read five of his books.  I gave my co-worker’s recommendation a try because I love any story that’s set in New York City.  To say that I really liked the book would be an understatement, but we’ll get into that in just a moment.

When I went on the Barnes and Noble website to find my next book by James Patterson I quickly discovered that self-finding, love stories are not the only genre of book he writes.  Patterson is also a crime fiction author and at that moment my James Patterson obsession began.

These are some of my favorite books by James Patterson:

Postcard Killers

This book takes the reader through a tour of Europe as an American detective tries to catch a pair of ruthless killers who mail postcards to local press with clues as to where they’ve left a crime scene.  As I was reading I could just picture myself roaming the streets in Italy or driving through the Swedish country side.

The twist to this who-dun-it and where-are-they-novel is the love story that blossoms between the American detective and a local reporter covering the case.  There are a few twists and turns along the way but it’s basically a classic catch-the-killer kind of story.

Sunday at Tiffany’s

Readers rarely forget their first read by a favorite author.  I will always remember reading Sunday at Tiffany’s by James Patterson because as I mentioned it was the first book I ever read by him and it’s the story that sparked my obsession.

This is a classic novel about finding yourself, falling in love and creating your happily ever after.  There is also some tragedy mixed into the story and at the time I was not at a good place personally so the book was a bit too emotional for me at the time, however it was a really good read.

Tick Tock

This was the second book I ever read by James Patterson and the first of the crime fiction genre as well as the first in the Detective Michael Bennett series.  I really liked it and now it’s one of my favorite novels, not just by Patterson, but of all time.  I wouldn’t read it a second time because I don’t like to do that, but it is definitely a book worth reading.

The suspense will keep you turning pages and the mixture of both family and professional drama will have you wanting to know what’s going to happen next; actually I should say it will have you wondering what this serial killer terrorizing NYC will do next.  Sometimes the suspense in a book is what keeps me reading, even more than the storyline.

Photo from Pixabay