2013 Success Tips – Tips for Success 2013
These 2013 success tips may be the same as the 2012 success tips you received in January 2012. The difference is this time you will really implement them. You will at least read them and think about implementing them given you realize you are one more year closer to retirement.
Your 2013 success tips start with a shocking fact. More than 75% of Americans do not have enough money saved for retirement. That may not be shocking to you but it is very shocking to me.
I cannot imagine turning 65 or older with a mere skeleton of cash in my retirement investing and savings accounts. Starting over at that age, in this day and age of recession and unemployment, is not how I want to spend my retirement years.
Hence these 2013 success tips are being offered. There is absolutely no law that forbids you from stashing away as much as you can for your old age. Truth is, the more you have the more you will be economically free.
Tip number one is probably what you expected. It is called preparing a budget. This article is not a how to create a budget tutorial. There are any numbers of websites that offer that service free of charge. This article will say this, when you begin preparing or re-tweaking your present budget, be brutally honest.
Don’t fudge any numbers or any categories. Fooling me is alright. Fooling yourself is disastrous.
2013 success tips two presupposes you have an investment account. I don’t care if you invest in stocks, bonds, mutual funds, CDs or options. Tip two says to perform what the finance gurus call a status check.
You absolutely must know where you stand. You may or may not need to make changes to your planned income streams for retirement. What once was an excellent source may have become only a dribble and can be replaced with a higher cash flow.
Look at all of your income streams and not just your retirement check from your job. Social Security, retirement accounts, investment accounts, property or a second job, etc. all mean dollar bills coming your way. Determine if you can take one or more of these streams and turn them into a higher income stream.
2013 success tips number three says to increase contributions to your 401(k), emergency savings, IRA and investment accounts now so they grow even larger by the time you retire. A good source of capital to accomplish this tip is to put the raise you receive into your savings account.
2013 success tips number four says to begin a serious effort to pay all of your debts before you retire. This includes your mortgage. For most people this is quite the challenge. It forces them to analyze and re-analyze their current income and expenses.
On the positive side, if you do take these tips seriously you will be able to identify not only the how you will accomplish your objectives but the when. You will know the approximate date within a year as to when all your debts will be history.
Imagine waking up one morning with zero debts. All that cash flow will be what the experts call free cash flow. That is, it will not be obligated to anybody but you to spend as you please. If that isn’t a great feeling, I don’t know what is.
2013 success tips number five says to perform an estate plan. Be sure you have a will and medical directive at the minimum. You do not want some stranger making decisions about your assets and money or life should you die or become medically not able to perform thanks to a stroke or heart attack.
Tying your family in financial knots and giving them financial headaches is a cruel situation to put them in. Use the above five 2013 success tips to begin your journey to a financially secure and happy retirement.
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