Things Not To Do When Saving For Your Retirement Fund

Dr Watson Goh By Dr Watson Goh, 9th Apr 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/1f-3py.r/
Posted in Wikinut>Money>Money Saving Tips

Most of us will start saving up for retirement way back when we are still in school till the day we official retired from our job. Unfortunately, not all methods we commonly used to save is correct nor worth the cost. Below are a few of such methods that we should all avoid at all cost. Adoption of these techniques and strategies will only result in an even worst retirement.

What NOT To Do When Saving For Retirement !

Most of us will start saving up for retirement way back when we are still in school to the day we officially retired from our job. Unfortunately, not all methods we commonly used to save is correct nor worth the cost. Below are just a few of such unsuitable methods that we should avoid at all cost. Adoption of these techniques and strategies will only result in an even worst retirement.

NEGLECTING YOUR HEALTH

Not taking care of your own health in exchange for saving money is probably the worst method to adopt. Working from day to night including working long duration of overtime, just so that more income can be generated for saving is not only mindless but extremely dangerous. Such action is totally irresponsible both to yourself and the company which pays for your income. (as accident can very easily happens when you are inattentive)

Not having your health around you is really no point having a big number in the bank. When you are tired, inattentive and at time dosing off, having a string of number within a bank account is not helping you at all. All these monies will subsequent ends up in doctors personal bank account. As such, having a healthy body and mind is the MAIN key to planning for a good future retirement. Never give up or skip preventive exercise, care or eating healthy food just to save some extra money for retirement.

SAVING INSTEAD OF PAYING CREDIT CARD DEDT

All monies generated from your income MUST first goes to paying off or drawing down on the credit card debt owed. Avoiding credit card payment and save is also the second most unnecessary and unwise thing to do. Credit card debt will increased / built up at an annual rate of 24% and avoiding it will only result in the total debt rowing into a very big amount.

At which time it may be really beyond you to pay realistically. So assuming you have enough modest monies to retirement but your credit card is above your head, that in itself is not having a good retirement. The bank or finance company will still "chase" after you from day to night, not giving you the necessary peace and quiet for a good retirement.

SAVING WITHOUT PAYING TAXES

To save without paying the necessary government imposed taxes will result in you in not begin able to talk openly about your income. And at time not begin able to talk about such thing will make life very stressful and meaningless. Having the need to cheat someone just so to have some savings can generate a deep sense of guilt and this is very difficult to live with day to day. As the saying goes, cheating your way to millions will not pay and eventually having to regret a lifetime about it. Part of having a good retirement is to be able to have a sense of inner peace with yourself and the environment that you are in. Only this will ensure a good and peaceful retirement.

Begin able to save for tomorrow will also result in you having to learn and accept the notion of delayed gratification. But while the future maybe important, it is also very important to understand that having fun TODAY is equally important. Do not forget about retirement, but also remember that spending a little on things you like just to pamper yourself at time is also very necessary. Always remember that we make money to spend money and not to hoard it. We sleep so that this will allow us to be able to continue walking for another thousand miles.

NOT DONATION AND SAVING EVERY SINGLE CENT

Being a miser and proud about it, is also very unnecessary & immature about it.

In today society, 90% of people are able to contribute or give whether in millions or just for one cent. Also, if money is so tight than the contribution in effort or time is also equally welcomed by organisation needing such assistance. People in the developed world should be very thankful and lucky that there is always a HOT meal waiting for us on the table every single day and night. This include many other luxuries in our lives that we most often simply take it for granted. Begin able to give and contribute will bring you a lifetime of incredible memories, which is much more meaningful than just having a big bunch of numbers in a bank account. Look up to people like Bill Gates & Warren Buffet.


Retirement planning is an extremely important aspect of our lives, so let us continue to do so. But never forget the above points at all time.

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