Although it is the desire of most working people to retire with a healthy nest egg, it remains more of a fantasy than an actual reality. One of the main reasons most people retire with little to no savings or investments is because they lack of discipline, have poor spending habits and mediocre earning power. Building a substantial retirement nest egg requires time, ingenuity, education, increased earning power and positive spending habits.
Here are seven secrets that you can begin implementing today to make sure your retirement nest egg is healthy:
1. If at all possible get rid of all your cars and catch the bus, train or commute. This way you eliminate the cost of gas, car payments and car insurance. You'll be surprised at how practical this can be when applied. This will quickly add up to thousands of dollars saved each year.
2. Cook at home more frequently. You can really have fun with this by experimenting with different recipes and trying out new dishes. You also get a chance to hone your cooking skills while bonding more closely with your family.
3. If you smoke consider trying green cigarettes. They are a lot less expensive and they don't contain harmful nicotine. This also improves your health and the money saved is quite staggering.
4. Decrease the amount of time you spend in front of the automatic income reducer (TV). When you free up some of the mindless activity spent in front of the boob tube you then have more time to learn a new skill or perhaps start your own home-based business. This could be additional income your harvest during retirement.
5. Give up your Starbucks fix. If you spend $3 a day on coffee you are literally flushing thousands of dollars a year down the toilet each month. Consider joining an online coffee club and have premium coffee delivered to your door. Many times coffee distributors will even give you the coffee maker for free if you join their coffee program.
6. Open a Self-Directed IRA where you have the ability to earn above average returns on your investments and grow your retirement nest egg with tax deferred income. You also get to channel where your investments dollars are spent.
7. Buy your clothes and items for major holidays just after the season has ended because this is the time you can get deeply discounted prices. These items are still very valuable but the retailer just needs to make room for new inventory.
You can change your habits of unhealthy spending by following these seven tips and putting a solid retirement budget in place. You should look for other ways also to decrease your expenses and augment your income as you are building your future fund for retirement. When you re-invest the savings from using these tips, you will be much more secure than your colleagues and may even place yourself in a position to retire early.
5. Give up your Starbucks fix. If you spend $3 a day on coffee you are literally flushing thousands of dollars a year down the toilet each month. Consider joining an online coffee club and have premium coffee delivered to your door. Many times coffee distributors will even give you the coffee maker for free if you join their coffee program.
6. Open a Self-Directed IRA where you have the ability to earn above average returns on your investments and grow your retirement nest egg with tax deferred income. You also get to channel where your investments dollars are spent.
7. Buy your clothes and items for major holidays just after the season has ended because this is the time you can get deeply discounted prices. These items are still very valuable but the retailer just needs to make room for new inventory.
You can change your habits of unhealthy spending by following these seven tips and putting a solid retirement budget in place. You should look for other ways also to decrease your expenses and augment your income as you are building your future fund for retirement. When you re-invest the savings from using these tips, you will be much more secure than your colleagues and may even place yourself in a position to retire early.
