Why should you start Saving And Investing To Retire Yourself Before They Retire You? When you’re in your early 20s, retirement looks so far off that it barely feels solid at all. It’s the most common excuses people make to excuse not saving for retirement.
Do you have a job that keeps you on the stride every morning? Are you self-employed? Do you work from home and at your own leisure? Are you a student in the University looking to the future with eagerness to fulfil destiny? If yes, then I have some questions for you, are you saving? Do you have a retirement plan in mind? Are you intentional about what the future holds for you? Well, I’m sure you have your answers already, but whatever answers you’ve got, the following paragraphs will help clarify them. Now let’s go.
The Savings Box And Our ignorance
I was still a little boy when I began to understand what it meant to save, but it was a different kind of understanding. It was an understanding based on the “savings box”, it was a wooden box with a tiny hole where we shoved notes into it. Ours was an erratic mode of saving, no one taught us how to save with a plan, and as a result, my brother and I made and broke many saving boxes till we got tired of the saving concept. Growing up, I stopped breaking boxes, but then, I began to break my bank account. The reason wasn’t because I didn’t know what savings was, I just didn’t know how to save, and no one was there to teach me; I didn’t pursue the knowledge, so ignorance was my constant companion. And when someone raised the issue, I and my mixed breed of friends would reply that we were too young to start saving for retirement.
A lot of people today know what savings mean, but only few know how to save. Do you know how? Martin Luther King Jr. once said, “Nothing is more dangerous than sincere ignorance.” And many of us are sincerely ignorant about many things, and it will surprise you to know that some even choose to be ignorant intentionally.
Cure Your Ignorance
Knowledge is potential power. If you don’t know how to do something, find out how. Do some research and increase your knowledge. In this age of internet and media, there are tons of information you can lay hold on about money and savings. More so, there are a lot of books out there that can teach you and help you make wise choices with your money, books like George Clason’s Richest Man In Babylon, Rich Dad, Poor dad are good examples. Don’t settle, and then say later that you had no idea about how to manage money. Learn and learn as much as you can, your future depends on it.
Is Anyone Too Young To Retire?
Imagine a man who had begun learning the art of money management since he was 10 years old, and have understood the ways and method of good investment, mastering business terminologies and applying them in his use of money. It wouldn’t be surprising if such a man decides to retire at 25, because by that time, he would have invested so much that even when he stops working, his money doesn’t stop working for him.
If no one is too young to retire, then it means no one is too young to save. If you have kids, you need to start teaching them how to manage money. Unfortunately, our schools do not have a framework for teaching about managing money. So you’ve got to do it yourself, and be practical about it, they’ll thank you for it later.
What is Retirement?
Retirement isn’t about being idle or having no work to do. According to an anonymous quote, “Retirement is the only time in your life when time no longer equals money.” You might be working while you’re retired, but your work would be based on your own pace, and not you being accountable to anyone, and whatever the income generated, it would only be an opportunity to invest more.
Retirement can only be possible when you plan towards it, and commit yourself to what you’ve planned despite the odds that might come your way. There’s no crash landing to this point, neither is there any such thing as luck. Great men did not succeed because they were lucky, they succeeded because they were intentional about success. Be intentional about your retirement, and start saving today.
Retire Yourself Before They Retire You
Covid-19 had taught us a lot of lessons, and we’re still learning from the numerous problems and opportunities it brought to us. Last year, during the heat of the pandemic hysteria, an American survey was conducted on the impact of Covid-19 on small businesses between March 28 and April 4, 2020 by Alexander W. Bartik, an Assistant Professor of economics from the University of Illinois, with the aid of other professors also. In their survey of more than 5,800 small businesses during this period, they discovered that majority had already done mass layoffs just few weeks into the crisis, as a measure to neutralize the impact of the pandemic. They were retired from their jobs, before they even thought of retiring.
Sometimes people are retrenched without prior notice. During the Covid-19 pandemic, a lot of people were forcefully retired from their jobs. In the face of such a crisis as this, the strength of your cards are tested. If you’ve been saving towards retirement, and engaging in profitable investment, you might as well retire yourself before they even think of doing the same to you.
Saving for retirement is as important as it gets. We all need to start saving today. While you’re getting set for work, think of your retirement, while you’re self-employed, think of your retirement, while you’re still a university student, think of your retirement. Your future depends on it.
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- A quick guide on: how to start your investment journey with your first salary.
- Personal finance for beginners
Have you already started your journey to retire? Please share it with us in the comment section below.