In today’s world, the temptation to indulge in the “have it all now” culture is strong. However, the inevitability of aging, job loss, or retirement may drastically alter one’s lifestyle. I can’t emphasize too much the importance of securing your future through retirement savings.
The Good Life Comes at a Cost
These days with the availability of credit cards, easy loans, and finance options one can reasonably buy anything their heart desires. The temptation to live the good life has never been greater. As long as you can earn money to support the “have it all now” lifestyle, it’s all good.
Unfortunately a day will come when you get old, lose your job, can’t find employment, or simply don’t want to work. Whether forced or optional, retirement can radically change your lifestyle. Nobody wants to lower their standards in retirement, but if you don’t set aside money during your working lifetime, that’s likely to be your fate.
Buying Time and Freedom
Most people think of saving as the evil opposite to spending. Saving money is boring; spending money gives you a thrill. When you put aside money for your retirement you are actually buying something with great value. You are buying time. This is exactly the same concept as your employer offering you a yearly paid vacation. You earn that vacation time, which is typically spent doing something you enjoy.
Retirement Is an Investment that Pays Off
I like to think of a retirement fund as a time investment. The more you save, the sooner you can retire, and the higher your standard of living when you retire. Think of it as a buying a permanent vacation from your working life.
Freedom Does Not Mean Nothing Left to Lose
You’re also buying another precious commodity – freedom. In retirement you are free from the stress of the daily commute, demanding bosses, deadlines, performance evaluations, the alarm clock, and someone else’s schedule. In my opinion time and freedom are priceless.
In my E-books (“Water Barrel” and “The Balance”) I discuss simple methods to live sensibly for today, take charge of your financial affairs, and invest safely for the long term. For more information please visit David Penna Amazon.
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The information provided on ManageYourMoney.ca is intended for educational and informational purposes only. It should not be taken as financial advice. The opinions shared are those of the authors and are meant to encourage sensible financial habits and decision-making. We recommend that you do your own research or consult a certified financial advisor before making any financial or investment decisions. All investments come with risks, and there is no guarantee of success. Past performance is not a reliable indicator of future results. Always consider your personal financial situation and risk tolerance before pursuing any investment opportunities.
As always, we are not a qualified financial advisors. We just relate financial management to our own experience which may not resemble yours at all. Advice is frequently worth exactly what you paid for it. Most of ours came from expensive experiences.
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