Post by account_disabled on Feb 25, 2024 5:35:16 GMT
After spending most of my 20s rolling my eyes at the thought of saving for retirement, I've found myself thinking about my future financial plans much differently than I did in my 30s. Not only am I working hard to save for retirement, but I'm obsessed with finding a way to retire soon as a billionaire . I really want to spend the rest of my earning years making smart financial moves so that when I retire, I can do so comfortably. More than that, I want to retire as a billionaire so I can live in several different places, invest in interesting businesses, and not have to worry about sticking to the kind of budget I'm tied to now. While I'm constantly learning, researching, and implementing tips to revamp my finances, here are the top 5 things I'm doing now so I can retire rich.
Reduce credit card debt After going into a bit of credit card debt in my 20s, I've made it a point to be more strategic about spending my money and planning for both big purchases and unforeseen emergencies . To meet my savings goals and monthly contributions to my retirement fund, I have to make sure I don't incur any persistent credit card debt. To do this, I establish a series of rules. For example, during the week I have some credit card-free days where I only pay Country Email List in cash . I have also unlinked my credit card from my favorite online stores so as not to take advantage of any quick purchases. Likewise, I have made it a goal to contribute monthly to my emergency fund in cash so that I have money saved in case something unexpected and expensive happens to me. These are the best savings accounts 2.
Make my retirement contributions It wasn't until I was almost 30 that I decided to get serious about contributing to my retirement fund . Since then, I've done my best to make regular contributions, prioritizing putting money into that account and budgeting it monthly . Although my income as an entrepreneur varies month to month, I want to work to increase the amount I invest in my retirement fund by at least 15% each year . Doing this will help me take advantage of compound interest , which causes money to grow at a faster rate. 3. Diversify my investments In addition to my fund, I have started to diversify my investment portfolio . Over the past few years, I've put cash into the stock market, index funds and mutual funds, bought cryptocurrencies and NFTs , and started learning more about real estate investing. A big money mistake I made was keeping too much cash in my savings account.