What are some of your financial goals? Have you started to save money for retirement yet? Whether the answer is yes or no, here are some of our tips to Plan for Retirement Like a Boss.
Sponsored post: This post is sponsored by bloom, but the content and opinions expressed here are my own.
Do you have retirement goals? Have you thought about where you want to retire? Ahh, that topic! L.O.L But in all seriousness, in my case, the answer to those two questions is a simple YES! Personally, my goal is to retire to a tropical place where I can sit back with a tropical drink on hand and enjoy beautiful sunsets like the one pictured above. Since I am not counting on some rich obscure family member to will me vasts amounts of money and in order to make my retirement dreams come true, I have to be smart about my money now. Cause umm, let’s be honest here, I am not getting any younger! 🙂
Plan for Retirement Like a Boss
If you are planning for a bright retirement future in some tropical place as well, you have to save money like a boss and be smart with your money like a boss now to retire like a boss later! But wait a minute. You might be thinking, but that’s far away in the future and I need the extra money right now. Well regardless, try to concentrate on setting short-term goals now to achieve your long-term goals tomorrow. Here are some of our tips to plan for retirement like a boss today.
The first point here is simple. Instead of focusing on years into the future, try focusing on the first six months of the year. So, start by identifying your assets versus your liabilities. Yes, I know. This step always seems so daunting, but it doesn’t have to be.
Once you have identified your assets versus your liabilities, it is time to cut down on unnecessary spending, but wait. The point here is not to focus on the negativity, instead, try to see the positive side to this. Instead of cutting down on “extras,” for let’s say the next twelve months, simply try cutting down instead for three months until you get a handle on your spending.
Once you have taken control of those unnecessary spendings, it is time to start thinking about savings, reducing your debt, and begin planning for a bright tomorrow.
My advice here is to set up a savings account and to treat your savings like a job. What I mean is that your savings have to be part of your monthly tasks. In other words, savings is something that has to get done every month and it cannot be pushed aside or ignored. The sooner you get started, the sooner you will be able to accomplish your goals.
Next step is to reduce your debt. This should be easy once you figure out your liabilities. The plan here is to reduce your debt so that you can accomplish your long-term goals in a shorter time period. This part, of course, will depend on how much debt you have compared to how much you make each month. So take it easy and try not to overwhelm yourself.
Lastly, this is the year to maximize your retirement contributions to your current 401k or if you don’t have one yet, setting one up asap. I know what you might be thinking, 401ks are complicated, confusing and I don’t have the time to figure it all out. Well, I am here to tell you that 401ks don’t have to be these alien complicated thing no one wants to deal with. All you need is an uncomplicated financial solution like Blooom. Yes, Blooom makes managing your 401k as easy as 1, 2, 3. And here is why:
- Blooom is a low cost ($10 per month) financial advice solution that leverages technology to manage 401ks, lowering the barrier to financial advice.
- Blooom is the financial tool for the underserved. Unlike Wall Street, they don’t care how much money you have in your account because they aren’t paid for endorsing one fund over another. Nor do they expect you to translate complicated charts or math problems about the health of your own account.
- At blooom, your 401k is represented as a flower, so you can see what you’re paying in hidden fees or what types of funds you’re invested in at a glance.
After you have taken control of your finances, it will feel like second nature and you will be seeing your spending, savings, and contributions in a different light. In other words, you will be focusing on planning your for retirement like a boss and not focusing on the unknown! Tell us, how do you Plan for Retirement Like a Boss? Let us know in the comment section below.