Hi everyone! Today in The Personal Finance Guide, we’ll be talking about retirement. Yep. RETIREMENT. It’s a word that people either dread or LOVE to hear, depending on how they view it. But in reality, we all need to make our financial plans for retirement. Even though it seems far away for tweens and teens, it’s better to plan now rather than having to wait. Most of us only have a few more years until we can drive, and that means we’ll need cars. How will you eventually buy your own? That’s what I’ll talk about. So, here’s what I found on retirement.
First, you should start saving NOW. In the beginning, save enough until you have a strong emergency fund for unexpected troubles. Then, you can start saving for things like a car, tuition, and RETIREMENT.
Fun fact: If you start saving at 19 and save $2,000 a year for eight years, you’ll retire with over 2 million dollars saved!
Fun fact continued: If you start saving at 27 and save $2,000 a year until 65 years old, you’ll save 1.5 million dollars.
By saving earlier, you can have an improved financial future.
Another fun fact: “teenagers and young adults who begin saving early have the best chance of retiring without the fear of looming debt or bankruptcy.”
Now, you might be wondering “well, how am I supposed to save money? It’s easier said than done.”
Truth is, you’re somewhat right. Saving money CAN be hard for some, but not if you create a habit! So, here are some ways you can save money for retirement NOW.
Ask your parents to unsubscribe from automatic subscriptions like Netflix, Hulu, Amazon Prime, etc.
Pack lunch instead of buying
Make things from household items instead of buying expensive versions from stores.
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