In this video I am going to showing how by following 3 steps you can live rich & retire rich.
1 – Pay yourself first, save at least 1 hour per day of your income
Make it automatic, protect yourself from yourself get it out of your account before you can get your hands on it. This will have a big impact on your financial future. We looked at this in the last two videos and how over time you could save €719,000 for your retirement and have €195,000 in an emergency fund. We based this on saving €22 per day for each working day.
2- Buy a home and pay it off early
Make a commitment to pay 1 month extra mortgage payment per year
You Save thousands on interest
You force yourself to save
You cut years off your mortgage
Example - €200,000 mortgage over 25 years you would save over €15,000 in interest payments and reduce your term by nearly 3 ½ years.
Recognise that what matters is not how much to earn but how much you spend.
Decide right now that you can spend a little less and save a little more.
3 – Speak to an impartial financial advisor like me, international studies have shown by doing this you could have 3 times more savings than those that don’t.
Get your money to work for you, instead of your working for it. Put your money in a well diversified managed or property fund. Making money should be boring and having a boring financial life is important.
Some people worry about money, while others prepare for life’s unexpected events. A good night sleep is achieved by surrounding yourself with a cushion of money.
Imagine never having to worry about money again .... that is what I can help you achieve.
Thank you for listening. I am Kevin O’Neill, if you have any question or need further information please visit www.planreview.ie, Ps Have a boring financial life but plan to live rich and retire rich.