Thinking about money can be major downer, especially when you don’t have any. Unfortunately, money is a necessary evil, and you can think about it positively or negatively. Depending on your mindset, saving money and planning for retirement can be stressful situations when you’re always thinking that you will never have enough. Thinking this way will inhibit the way you save and potentially prevent you from saving money that could benefit your life during retirement. Contact KNR Consulting Group to see what we can do to help you plan for retirement in a positive way. Keep reading to learn how to turn your negative money thoughts into a positive money-saving mindset.
That Chanel bag, those Jimmy Choo shoes, or the BMW may look really appealing when you get that first big paycheck from your first real job, but that money may be worth more elsewhere. You may love that frivolous expense or big splurge purchase, but the money you spend now, you may appreciate more during retirement when you can spend it on items you need. The money that you put aside in savings will earn interest. With a nine percent rate of return, saving $200 a month for 40 years could save you one million dollars in retirement.
When you first land that big job, you still may be thinking that you can’t save the amount of money you want to have by retirement. Setting yourself up for failure by starting out thinking that you can’t, will definitely mean that you won’t. Consult with a financial advisor for investment strategies and retirement advice so you can utilize the many options you have for saving money. From tax breaks for saving in a retirement account, 401-k and contributions from your employer; setting these accounts up early will only add to the savings. Look at the big picture rather than the details, and think positively.
While a savings account can earn some interest, some interest rates are incredibly low. Taking a risk in life and in your finances could pay off. There is always a risk in investing in the stock market, but with advice from a financial advisor, the payoff could be significant. Be sure when getting into investments, that you have a strong strategy and are aware of all of the risks involved. Look at how much you could gain versus how much you could lose, and consider whether the risk is worth the potential results.
KNR Consulting Group wants to give you the tools to plan for a life during retirement that you can be proud of. This involves planning from early on how you want to spend your money and how you want to save it. With investment strategies and financial advice regarding when to withdraw from social security and how to get the most from your 401-k, IRA, or Roth IRA, you can rethink the way you save money. You can rely on our experience and knowledge so you can have a financially strong, secure, and stable future. Contact us today to get a strong start saving for retirement.