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Underestimating the destructive power of inflation
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 slowly become more and more frugal? Why do you think that is? When you plan for your golden years, it’s simply not enough to assume that your spending will stay the same forever. If you want to maintain your quality of life, it’s mighty important to not only plan for a sustainable withdraw but an ever-increasing one.
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Tapping your retirement for emergencies
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 thi...
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Thinking you’re invincible
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...
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Assuming you’ll save more later
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...
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Putting yourself last
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,...
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The Power Of Compounding
Would you rather have (A) $3 million upfront or (B) one penny that doubles in value every day for 31 days?
Choose any one!!
To maximise your gains, the correct answer is (B). But it doesn’t happen quickly. After 19 days you’d still only have $5,243 and you might feel pretty foolish ne...
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