Learn more about moneyandinvestments with this collection
The history of fashion
The impact of fashion on society
The future of the fashion industry
4. Tapping your retirement for emergencies. Sometimes crises arise and your emergency fund isn’t enough to cover the expenses. It can be tempting to look at all the lovely cash sitting in your retirement accounts and think about how it could solve your crisis. But not only is this a dangerous precedent to start—you never want to view your retirement as a cash cow you can tap anytime you want—but you’ll also be hit with any number of penalties for using the money early and for anything other than retirement. Then there are the taxes you’ll pay on top of that. You could easily lose half or more by taking money out prematurely. Pretend that money isn’t there until you need it, and find other ways to deal with financial emergencies now.
15
25 reads
MORE IDEAS ON THIS
5. Underestimating the destructive power of inflation . Most people understand that inflation wreaks havoc on any budget, but few people plan for it. Just look at those around you who’ve retired. Have you noticed that many of them start out living pretty comfortably and then they...
16
34 reads
3. Thinking you’re invincible. The solution seems simple for many who haven’t saved enough for retirement: just work longer. But that assumes any number of things can’t and won’t go wrong, including a pink slip, illness, or injury. If the pandemic has taught us anything, it’s tha...
16
29 reads
1. Assuming you’ll save more later. It’s very easy to procrastinate on setting up retirement accounts and making saving a priority. You’ve got a paycheck now and too many places to spend it. Maybe in the future, when you’ve gotten a raise or two, you can amp up your retirement sa...
17
79 reads
2. Putting yourself last. We all want the best for our children and our families, but it’s dangerous to sacrifice your own future for them. Don’t be tempted to fund your child’s college education ahead of your own retirement—they can always take loans to continue their education,...
15
42 reads
Related collections
More like this
What you don’t know is that the earlier you start, the richer you retire. It happens due to the “magic of compounding”.
While planning for retirement, you need to clarify a few points like deciding an age at which you want to retire. Along with that estimate how much money...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving & library
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Personalized recommendations
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates