“Getting By” Goes Nowhere
Do you consider yourself average?
Do you live for the weekend because your job has little interest for you beyond the pay?
Are you living on your current pay with little savings because you have a credit card to cover emergencies? Then, you are average.
However, you are setting yourself up for a retirement that takes you nowhere.
Near Majority Going Nowhere
At least half of Americans have little or no savings for retirement. Apparently, those people think Social Security will provide all their needs in retirement.
I wonder if they follow the news about the Social Security System funding issues.
Perhaps you have been in your job long enough that it seems secure. But do you bring home enough income to feel secure? Granted your credit card may have enough available to cover most of your unplanned expenses. However, once you use the card, how easy will it be to pay it off?
The answer to that question will help determine how close you are to nowhere.
Consider Ways to Turn Your Nowhere into Somewhere
Even though half of Americans choose to ignore available information, there are advisors and books available to help you get from nowhere to somewhere!
The best advisors encourage you to stop using debt and pay off what debt you have as soon as possible.
And then, build a current savings pool to prevent using a credit card in the future. A range of $1,000 to $3,000 in savings will help you accomplish that goal.
As mentioned before, your comfort in retirement will depend on your efforts to accumulate funds based on your consistent contributions to your retirement account.
Income can vary but a consensus among advisors is that you should set a goal to have 1x your salary at age 30, 6x your salary at age 40, 8x your salary at age 50, and 10x your salary at age 60 years old in retirement savings.
By being consistent, compounded earnings will help with the accumulation ratios.
The discipline of being consistent will help take you somewhere special!
Take an Interest in Your Somewhere
It is time to alert your inner self!
You must face the fact that “getting by” is being lazy! Now you must define your interest in going somewhere. Yes, it is a goal and not a reality, yet. But defining what it will take to get there will help motivate you to work toward that goal.
The steps to reach your goals may seem hard and many. However, goals are divided into steps that can be completed now to get you part way there. Work to take one step at a time and you will not get overwhelmed by trying to do it all at once!
For instance, you need more in savings. Start with cutting expenses and looking for a better paying job. Two simple steps that need your focus over a short period of time.
Next step, with savings in place, higher income will help you reduce or pay off your debt obligations. That will free up more discretionary income.
By applying this step process, you can build a base for making consistent contributions to your retirement savings. Then, be sure to get advice for increasing returns to aid the compounding effect.
Plan to Go Somewhere
You can add more energy to each day when you focus on the hope for the future as you work on a path to take you somewhere you want to go.
Dream a little. Set some reasonable goals. Achieving some small goals will encourage you to set some bigger goals.
Even your future retirement needs some fun goals, set well ahead of your retirement date. That will give you more reasons to save.
You will have plenty of distractions and temptations to spend your potential savings on things and events as you progress toward your savings goals. Remember that spending now will limit what you can spend later.
I do recommend that as you work on your current situation and income generation, please consider investing in yourself, your skills and knowledge that could eventually lead to higher income from promotions or self-employment.
Make Each Day a Possibility
Some days are good for relaxation, just not every day!
Schedule some recovery days but make sure to plan most days for possibilities!
Alert your inner self that once time has passed, you cannot replace it. Use the time you have each day the best way you can. You will get better at giving value to your time and plans and what will be best for you to do.
Goals will help that process. But do not keep those goals to yourself. Involve friends and family. They can help you seek the goals that will give your life more value and possibly add value to your financial situation!
My hope is that you can change your habits for a better future and build a better mindset for money in the process!
Work on You to Change Your Nowhere to Somewhere
The way you live your life comes from within. From Proverbs 23:7, “For as he thinketh in his heart, so is he.”
So, guard your mind and your heart!
Any evaluation of your situation that shows a need for change must be made in your mind and heart. You need to feel the need to change. Are you happy with your lifestyle and your relationships?
Are you satisfied with what you know and what skills you have that could enhance your earning potential? Does your family seem happy? If not, maybe you can help.
Do you have enough savings to avoid debt? Do you have any debt? Are you able to add to your savings each month?
Do I sound materialistic? I hope not. I just hope to see you secure enough in what you have that you will become generous with your aid to those in need. Then, you can experience the blessing that comes within your heart for giving.
Save your wandering for when you retire. Until then, give yourself value in the job market and build up some capital (savings) to fund your wandering and checking off items on your bucket list in retirement!
Making changes is not easy but it is possible. It can be as simple as changing habits, which will require some self-discipline that comes from your inner self.
Think about it. Make the change in your mind, your thinking, and your sources of inspiration. Filter what you read, what you hear, and what you see as possibilities.
Alert your inner self that you can change your nowhere into a somewhere!