Retire rich; these are two words that all working men and women love to hear. There is no joy in being a working stiff all of one’s life. On the other hand, a comfortable retirement is really something to look forward to. This is because when people retire, they can look forward to a life of leisure and ease.
With a portfolio of viable investments, life for the retired individual is sure to be much more enjoyable and more fulfilling. With all these in mind, it would be perfectly in order to point out the steps people can take to retire rich.
Save Money
The first step on the path to a comfortable retirement is to save as much money as possible. The salary earner needs to understand clearly that the fat salary and allowances will not last forever. Retrenchment is a distinct but unwanted possibility. So is downsizing or outright dismissal on very flimsy grounds.
In view of all these factors, the right thing for the salary earner to do would be to save a large portion of the monthly salary. Most experts recommend that people save about 33 percent of their salaries. To be sure, it is not easy saving almost a third of one’s salary. But then, it is one sacrifice which will pay off at the end of the day. The money saved is the capital which can be used to invest so that the individual in question can retire with enough to live comfortable.
Investment Options
For the person who wants to retire rich, the best option is to have a variety of viable investments. Basically, the best idea is to have tried and tested investments. These include land, commercial property and residential houses. The real estate industry may have its ups and downs but over the years, it has become recognized as the best option for people who want to retire rich.
The point here is that investing in land and houses is guaranteed to bring regular income to the investor. The fact that landed property tends to appreciate means that this investment is definitely inflation-proof.
Other investment choices include blue chip stocks, bond mutual funds, and gold. For the daring investor, it would not be a bad idea to buy into a partnership as a prelude to retirement. A thriving business is always more lucrative than a salary. More to the point, being a part owner of a business is a vital step for people who want to retire having enough savings. The days of the monthly pension gone are nearly history. This is the era of the entrepreneur and one quality of the successful individual is the ability to retire rich.
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