We go three phases in life when it comes to balancing – time, money and energy. When you are young you have a lot of time and energy but lack money. When you are an adult you sort of have the money and energy but no time. When you are old you have time and money but not that much of energy. The short period in which you probably will have all three together is as soon as you retire. Just think about it.
You do not have your regular office and you are not very old. Money is something you have saved up. This little period is important and a lot of people mess it up by wasting their time on silly things. Here are some mistakes that you shouldn’t do after you retire.Retiring means you are entering a different period of your life. Your income levels are going to change, working hours change; even your expenditures are going to change. With so many changes that are coming through you can’t expect to live the same life style you did. You will have to make some changes.
You will have to adjust your food, clothing and entertainment expenses because you don’t have a solid income now. It going to be about everything you saved up to now. Good self managed super funds http://www.firstclasswealth.com.au/self-managed-super-funds/ know that it is important to plan. Talk to some friends who are good at it for financial advice. I am sure they will be more than willing to help out. Do not forget to take in to account that your health is going to be affected in the future and you need money to treat yourself. Now that you are retire means that you have all the freedom to do anything.
So you spend your money on everything you have ever wanted to do. Well, spending a little too early all your money is going make you suffer a lot in the long run. Once again it all comes down to planning. Do not spend too much money too soon. Discipline your money spending. You have to expenses that will last for long time.You will be the target of many scams and you need to make sure you don’t fall for any of that. They will tell you ways of growing you savings by investing in various things. Don’t write them off thinking they are scam. Talk to your advisor for finance and see if it is a legit source to invest some of your money. If it seems funny don’t even think twice of rejecting it. The most mistakes at the end of the day come from putting your money in the wrong places.