You’re the one ultimately responsible for all decisions, from picking and choosing what you do and buy to determining how to manage your assets and cash flow stream. Oh, and did we forget to mention this is for the rest of your life?
Tag "Andrew Klein"
As you reach your seventh decade (that would be turning age 60 for those who forgot your first decade includes only your single digit years), you find yourself fast approaching that universal goal line known as “retirement.” Don’t let the nearness to the final goal may fool you into inaction.
“While it is preferable to start at a young age, you are never too old to start making good financial decisions. If you have made mistakes in the past, it is important that you recognize where you went wrong, and start taking the proper steps to fix any issues you may have created, so that you can move towards a healthier financial state.”
This is the decade in which retirement savers need to accelerate their savings efforts in order to take full advantage of the positive impact time has on the growth of that savings.
It’s not rocket science, but it’s not easy – either saving in the first place and then investing for the long-term, which means 20-year olds better be as comfortable riding the market as much as they are riding an amusement park roller coaster.
“Nothing is more in the best interest of the child. The judicious carrot of spending, when managed properly, actually instills a strong sense of and desire to save and, ironically, not spend.”
