Being broke isn’t any fun. Almost everybody goes through it at one point in their life, and it’s a challenge to get through. Depending on where you live and if cost of living is especially high, you might be forced to work 2, 3, or 4 jobs just to make ends meet, and nobody should have to work their life away just to be able to provide for their basic needs.
If you’re tired of being flat broke all of the time, and you’re ready to work hard to establish a game plan for having money for the rest of your life, here are some things you should look into and consider doing for your own life:
Who said that making money was easy? If you want to have money for the entirety of the remainder of your life, that’s going to mean that you’re going to have to take some risks to get yourself to the place where you can even be in that position. Whether that means putting yourself through college so that can bust your butt on Wall street for years before you break the 6 figure salary mark, that’s a risk you have to be willing to take. Those who don’t jump at opportunity don’t get the reward. The first step of the game plan? Be willing to to take risks. You will fail, but if you continue to get back on your feet, you’ll make it happen.
Cover Your Bases
Should your risks not have as large a payout as you would have hoped, it’s crucial that you cover your bases so that you still have income coming in even as you near retirement age. Cover your bases. Put away money into a fund, look into different annuity companies, look into investing in real estate…whatever you do, just make sure that money is coming in from somewhere. Residual income is the best way to bring in income, because it will be guaranteed to come in, no matter how hard things were at the office. Look into means of making that residual income now to ensure you have money for the remainder of your life.
In the end, the amount of money that you have depends solely on you. You can have a good job, but if you frivolously spend, you’ll have nothing to show for your hard work later on in life. Make sure you always have a stream of income coming in, but be disciplined with the money you do have now.
Be diligent to put a certain amount of your money aside each pay period, and don’t spend on the things you don’t need. It’s nice to be able to enjoy life, but wouldn’t you rather be able to retire early and travel and do what you want than have to work till you’re dead because you weren’t disciplined with your money?
During retirement your income is bound to be lower than it was when you were of working age. However, you can improve your financial situation by accessing your home equity as cash. You can do so through a home equity conversion mortgage, which is often called a reverse mortgage. A tool called a reverse mortgage calculator will also assist you in assessing the worth of your home. A reverse loan is referred to as such because it will continue to grow with time as interest accumulates. In contrast, a traditional mortgage is paid down over time. However, you can benefit from getting a loan from a reverse mortgage lender for that exact reason. You will have no need to pay any part of the loan back for a long time. Only when you leave the home will the money need to be paid back, giving you financial freedom to enjoy retirement for many years in the meantime.