Life has become a costly affair. Our income is always on the downside thanks to the cost of living that rockets sky high in a constant manner. Tax planning and statutory responsibilities force us to focus on the present disallowing us to plan for our tomorrow. Though terrifying, it is a fact that in future our cost of living is expected to be higher than it is today. Our earning capacity also will go down as we age. The physical ailments that our ageing process brings along may force us to retire earlier than we anticipate. With all such adversities staring at us directly, it is highly prudent to plan thoroughly for an early and wealthy retirement. Having a Experienced Financial Planner helps us to live an independent trouble free life post retirement.
Importance of Financial planner
Life with goals always tends be successful. Particularly when it comes to the financial aspect, having short term and long terms goals is important. Clear cut financial planning helps us to focus on the savings and investments aspects in a matured manner. Making use of the extensive knowledge financial planner exhibit from an investment point of view adds immense value to our life.
Seeking the advice of a qualified Finance Planner is the first step towards becoming wealthy. While accumulation of wealth is one aspect in finance planning allocating accumulated wealth for the present and the future is the next logical step. Qualified Financial Planner helps us have an early and wealthy retirement through their expert knowledge. Let us look at 7 effective ways for early and wealthy retirement facilitated by Financial Planner.
Step 1 – Have a concrete Financial Plan
‘Investing on time’ to plan for retirement is one of best investment in life. Start planning for retirement when you are still climbing up the career ladder. Plan your investments in an intelligent manner while your earning capability is still on the high. Decide on the lifestyle you want to live during your old age and build your plans based on the same. Half way through your career, accumulate assets with a futuristic approach. Learn to spend lesser than what you earn since this will take care of your spend when your earning capacity sinks post retirement.
Step 2 – Constantly upgrade your knowledge in financial aspects
Ensure you spend quality time in accumulating knowledge about financial products from time to time. Keep yourself abreast of the latest financial products like Mutual Funds that yield high returns. Read finance related magazines and subscribe for Financial Newsletters from Financial Planners.
Step 3 – Procrastination denies profit
One of the key lessons that rich people have learnt is to allow their assets and investments to compound. Investments of many types need your undaunted attention during the first time. Once you have invested reasonable extent of time in the same, they start compounding for you automatically. Remember, only when you invest early can you allow the necessary time for your assets and investments to grow. Procrastinating decisions pertaining to investments denies you the profit you are legitimately eligible for.
Step 4 – Build wealth in an Auto-pilot mode
If you are one among those whose wallet becomes empty as soon as it is filled with money, then resort to building wealth in the auto-pilot mode. Make arrangements for money to flow in automatically without waiting for any effort from your side. Rent out your property and make the proceeds get invested in a profitable venture automatically. Go in for retirement plans that are tax free. Join monthly Savings plan offered by your employer so your money goes in to the piggy bank even before hitting your hand.
Step 5 – Think and plan in a futuristic manner
Ensure you have an eye on the inflation rates at all points of time. Learn to observe the inflation trend considering the factors that acted as the basis of the same. This will help you plan for your early retirement in a realistic manner.
Step 6 – Invest and forget
If you have set aside a particular investment or asset specifically for early wealthy retirement, do not lay your hands on them for any other purpose. Consciously keep yourself away from such savings and investments meant for your early retirement. If you feel struck at any point of time, contact your Financial Planner who will be able to guide you in a holistic manner.
Step 7 – Common sense and Risk Management
Be willing to take risk at any point of time, only if you are convinced that the risk will not shake your foundation. Go in for financial products that fall in high risk category after careful consideration of the pros and cons involved in the same.Financial Planner will help You to analyze possible outcomes of your financial decisions that were made based on market conditions.
Remember, finance lessons learnt during early stages in life safeguards your post retirement living. Ensure that you do not miss your happiness planning for your retirement the all the time. Happy wealthy retiring.