Planning and saving for retirement is essential if you want to enjoy a stable and prosperous financial life into your later years. And, with more people living longer than ever before, you will most likely enjoy a much longer retirement than previous generations – a retirement in which you will not be working and generating an income. Hence, the need for retirement planning and the wisdom behind the advice that it is never too early to start planning for retirement.
Investing wisely and in line with your financial needs is an essential task for those who want to enjoy financial stability and prosperity at every stage of their wealth journey – essentially from the time you start earning and managing your own money and into your retirement.
Money will be an essential part of your daily life for your whole life, and as an adult, how you manage your money will have an impact on your security, health, and happiness. That being said, research shows that only 60% of home-owning adults take an active interest in managing their finances or even have a monthly budget.
There are a number of major life-changing events that necessitate a careful review of your finances and plan for prosperity. Unfortunately, divorce is one of them. Already a traumatic experience, the dissolution of a marriage also brings with it a range of financial implications, many of them quite devastating.
What would you do if you were given X amount of money? It’s a question you’ve probably been asked in casual conversation with friends at some point in your life. Hypothetically, it’s easy to say something like, “Well, I’d quit my job and head off on a yacht cruise around the world” or “I’d buy my family a holiday house in the Maldives”. But in reality, if you’re the beneficiary of a financial windfall, decided how to use the unanticipated sum isn’t that simple.