It does not matter how young you are. If you do not think about your retirement with a clear plan, you will be at a loss when you also have to grapple with expensive medical costs due to old age. The government of Australia wants you to have the funds you can use for your retirement, but you can make your life even more comfortable by making certain changes now. Here are some decisions to make now:
Invest in a House
Wherever you are in Donnybrook, you will need a roof over your head. Children have parents to worry about this on their behalf, but for adults, it’s either you stay with your parents or move out and into your own place. Donnybrook’s real estate market makes it seem like prices are never coming down, but the beauty of that is if you decide on a plot of land or a house purchase now, you are getting it at a price that will only increase in the future.
As you get older, the need to have your own house only increases. Sure, you may feel like renting is all you can afford right now, but do it for years and you will have wasted enough money without owning anything. A house, on the other hand, may cost higher upfront, but you are paying for something that you can profit from or even pass on to your children.
Consider Franchising
The best way to earn money, aside from holding a job, is to invest in a business. Here, to can put your personal passion at play and come up with a business plan on your own. However, a majority of businesses fail in their first year. You need to have the right formula, and perhaps even a little bit of luck, to build a profitable company that you can rely on when you retire.
An alternative plan is to franchise, so that you can start operating under a well-known business entity. Their attributes will be transferred onto your branch, making it easy for customers of the brand to trust you. If you can hire a manager to hold down the fort, this means you do not even have to quit your job to become a business owner.
Stop Smoking
The health implications of smoking have been studied extensively and alternatives are already in the market for those who need stress relief without necessarily being addicted to the bad habit. You may not be concerned about your health while you are in your prime, so think about the cost of smoking instead.
A good portion of your income will be spent on cigarettes when they could have gone to your basic expenses. You could have even saved the money towards your future. If you’re dreaming of a bright and financially secure future, think about products or activities you love that are not essential but are costing you money. Especially if these are unhealthy habits, removing them from your lifestyle will help you save and be healthier.
It is expected that young people will not have a good portfolio on their hands, but you can certainly start building up early. You do not want to lag behind financially in your retirement years.
