4 Behaviours that will Ensure You'll Retire Poor

Retirement Transition, Calgary

1.) Placing a higher value on looking Wealthy than being Wealthy. If looking rich is more important to you than being rich then you’ll never be rich due to living above your means. 


2.) Convincing yourself that you will start saving tomorrow. We all know how long New Year’s Resolutions last. The only New Year’s Resolution that I have ever kept is to eat more Ice Cream. Small and Now beats Large and Later. The later in life that you start saving for Retirement the larger the chunks of income you'll have to dedicate to it and this may not even be possible.


Find out we grew our personal wealth carefully:


Our 17 Wealth Building Essentials


Einstein said the 8th wonder of the world is compounding interest.



The longer your money is invested the more compounding you will experience. Never underestimate the value of time in the markets. 


3.) Paying interest rather than earning interest. Avoid paying interest on things that drop in value as they age (cars, quad's, boats, clothing, etc.) and start earning interest on a RRSP or a TFSA. You know the average Alberta family will spend more than $500,000 in interest in their lifetime. (Mortgage, car loans, credit cards, student loans, bank fees, late payments and more)


4.) Not taking advantage of free money. IE: Employer matching plans where you get 100% return immediately due to employer matching. RESP’s for your children's education: the Government will give you $20 for every $100 you put in. Take it and run don't leave it sitting there! It amazes me how often we meet people who do not take advantage of these no-brainers. If you see a $20 bill on the ground will you pick it up? Of course, you will. This is no different.


Want to retire in the next few years? Find out why a Retirement Income Plan is necessary.


Your future is yours today - take control of it!


Related Article: Think Your Ready To Retire?




Your Trusted Advisors,

Willis & Nancy Langford

Everyone Needs & Deserves a Quality Retirement Plan


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