We all dream of winning the lotto and sailing away on our luxury superyacht.  Or maybe flying around the world on a private jet.  Whatever takes your fancy, there’s no denying that striking it rich is a long-held fantasy of many.

But why place all your bets on such exceptionally slim odds?  What if you could save enough money over the years so that, by the time you’re ready to retire, you can still live the life of Riley?

To make that happen, you’ve got to plan, plan, plan.  And the younger you start, the closer you’ll be to making those millions. By using each decade as a milestone, you can simply budget your way to prosperity.  Of course, no one said it would be easy – but it’s entirely doable.

So, here are the golden rules for living your best golden years.

 

In your 20s

Make the most of your time in the workforce – and put aside 20% of your income in a compound interest account.  As soon as you get paid!  Otherwise, you run the risk of blowing it all on a couple of big nights out.  But deducting a percentage first not only helps you to save; it also sets you up for good spending habits in the future.

 

In your 30s

As you get older, you’re likely to be earning more.  But you’re also likely to want to spend more.  And that can often mean racking up credit cards and plunging into debt.  But this is the prime time to curb your spending habits and start living below your means.  That way, you know you can still feed the kids and pay the mortgage without compromising your savings plan.

 

In your 40s

Most people in their 40s have done the partying, and the travel, and the marriage, and the babies.  But now it’s time to focus on the career.  It’s when you need to step it up a notch by upskilling for your best chance of nabbing an income review or even a promotion.  Get an accountant to handle your finances while you handle your cashflow.

 

In your 50s

Don’t let all your hard work go to waste by handing out wads of cash.  Even to your children.  Especially to your children!  As much as your heart bleeds to see them scrimping and saving for their first car, you’re better off leading by example.  So, instead of doing it for them – show them all the budgeting skills you’ve learned over the years.  That way, you’re not only setting them up for success, you’re also not eating into your precious retirement fund.

 

Of course, before you make any firm monetary decisions, you’re always best to seek financial advice first.  To learn how to save, talk to an accountant.  To learn how to invest those savings – come and talk to us!  We can help you double your money in just half a decade.  Sound a bit rich?  Isn’t that the plan?