Do This at 20 and Retire Rich at 60
How can you retire at age 60 rich? Other folks have done it and retire comfortably in their early senior years. You too can do it if you have the foresight to start it early while you have the energy to make more money. And in this age, it’s lots easier. So here are things to do at 20 to get rich at 60:
Own your home this early
Focus your energies at owning your home the soonest possible time. Renting is a big and wasteful burden on your income. So, avail of rent-to-own arrangements which a lot of real estate companies offer today at reasonable prices. You get a house and lot and rent it but the monthly rents are actually installments that eventually lead to your ownership of the property.
Start doing sidelines
While doing a full-time job, look for something to do on the side for extra, savable money. And with the availability of the internet this is now so easy to do. Classified ads online help you get extra jobs you can do in your free time or weekends. Instead of partying out during free time, why not make extra cash?
Since you’re just 20 and are likely to have no serious family responsibilities yet, you can save extra cash and put it on severat investments. This will earn compounded interest in time. “Compound interest is the most powerful force in the universe,” Wison Group Financial money planner Jude Wilsonsays. But this comes only with wise use of your time. If you dillydally and don’t start now while you’re young—or if you put your money in just one investment—the effect may be less profitable and not be an enjoyable retirement as you have planned.
Trade in stocks or shares and bonds. This is the most profitable, though risky, investment to make. But with the right knowledge and trading company, this can make your ideal retirement wish come true. Learning how to trade right and finding the right trading company is easy with the use of the internet.
Enjoy the basics in life
Cut out on the sophistications of life, which are expensive, and learn to live simply and thriftily. This is the best way to save more money you can use as capital in doing business or investments. Life at 20 has lots of costly temptations and allurement. But it can be done with discipline. Anyway, at age 60, you may start indulging. Save the best for last.