Money in the mattress. An illegal bookie operation. MSN Money have put together a list of the worst ways to save for your retirement, and I liked it so much I thought it was worthy of a post. The options are endless, but here are the 5 absolute worst ways to bolster the retirement fund.
Neglecting Your Health
Want something to invest in? Invest in your health. Yes it is expensive. Doctors, treatments- don’t even get me started on dentists. You’ll get all your money back ten-fold. And if you can eat healthily and exercise, you can cut down on a lot of costs later on. There was a recent study in an Aboriginal community where families were given access to cheaper fruit and vegetables every week. Within a couple of months, the hearing of children had improved so much they had no further use for the surround sound systems in class room that were imperative only a couple of months earlier. That blows my mind. It might seem like a cost now. but with care and a bit of money, you can prop your retirement up massively with a healthy body.
Saving, Not Paying Off The Ol’ CC
Yes, people debate this. Which do you attack first? To my mind, it’s best if you can save a little while paying off your credit card debt but if you can only do one, pay off the debt. You’re hemorrhaging money, as long as you have the debt and you’ll have even fewer methods of coping with it later on.
Flirting With The Other Side
Lots of people walk on the less-than-perfect side of things in order to obtain a couple of dollars. I’m a storybook kind of girl, I believe in comeuppance. From lying to Centrelink through to scamming a couple of dollars through business, I think it all comes unstuck in the end. Although all the big payouts to shady company executives does challenge my faith on that one. Hopefully they don’t sleep at night.
Having a properly funded retirement is a scary thing- you want to be able to live without worry. But ruining your present merely for that dream is crazy. You can’t take it with you, so make sure you’ve funded your future but keep some aside for a little bit of fun now. You will not be able to bungee jump at ninety (I don’t think) so if that’s a big dream, I say get onto it.
A Locked Purse
I could definitely afford to give a whole lot more than I do. After all, I earn a good wage, I eat three meals a day, I can (almost) afford to heat my new home. Beyond that, I have lots of time and lots of skills I can use to help someone else out. Living life as if it were all about me and my money really isn’t going to get me anywhere, and it certainly won’t keep me warm at night 60 years down the track. Get out there. Plan for the future, but spend most of your time kicking back with today. And there endeth the motivational speel for this week. I’m off to sit in the sun.