It's a question that I have been asking myself lately... "How can I retire richer?" Living a frugal lifestyle certainly helps streamline my expenses by spending money only on necessities, as well as things or experiences that bring me joy.
The notion of retiring richer isn't just about having more money, but for me it means having a life that has more meaning and purpose, therefore "richer" in every sense of the word.
The bigger question would probably be more like... "What can I do now to ensure a stress-free and more rewarding retirement." Here's the steps I've already taken and a few others I intend to accomplish.
The notion of retiring richer isn't just about having more money, but for me it means having a life that has more meaning and purpose, therefore "richer" in every sense of the word.
The bigger question would probably be more like... "What can I do now to ensure a stress-free and more rewarding retirement." Here's the steps I've already taken and a few others I intend to accomplish.
PAY OFF DEBTS
Many people (young and old), have unfortunately racked up a lot of debt. I've tackled this problem by paying off credit card balances every month. My car has been paid off a long time ago and I don't have a student loan. My biggest debt is my mortgage, to help pay this off a little sooner - I pay extra towards the principal every month. Besides having debt, there are 5 other money wasters you will want to avoid.
EAT RIGHT, STAY ACTIVE
I'm not suggesting a boring diet. I'm also not suggesting doing a rigorous work out regimen. I love to eat but I've found that as I get older, I can't eat everything and not gain weight. So what I've been doing is to make sure I eat good tasting quality foods vs. processed or fast food. I've never liked exercise, so I'm not going to start now! I do walk everyday and I'm active around the house, by doing house work or re-decorating some rooms. By eating right and staying active, I'm continuing my healthy habits so that I have a long, rich life.
PURGE, DOWNSIZE, SELL
Like many people, I've accumulated a lot of stuff. I do a periodic "de-cluttering" of my entire house. I've been doing this even before I've heard of Marie Kondo. If I haven't used or worn something or I just don't like it anymore... I either donate it or sell it. I've made a nice sum of money by selling stuff on apps such as Letgo, OfferUp, etc or at our yard sales. Some empty nesters might want to consider downsizing to a smaller home that cost less and has lower maintenance. If something (or someone) doesn't have purpose or "spark joy"... let it go!
AUTOMATIC SAVINGS
Having a savings account for emergencies is always a good idea. I didn't always subscribe to this notion. But after being laid off twice, I've learned to always save for a rainy day! To ensure that I set aside money towards savings... I set up a monthly recurring transfer from my checking account to a dedicated savings account. For extra incentive, you can nickname the account... Caribbean Trip, Vacation Home, etc..
INVEST FOR PASSIVE INCOME
I am expecting to receive Social Security benefits as well as a pension once I reach full retirement age. However, I don't want to rely solely on them to live a carefree retirement. I plan to invest in another property, which can then be rented out for a steady income for years to come. I'm also going to continue to convert my Traditional IRA to a Roth IRA - which will be tax free once I start taking withdrawals. By doing so, I am ensuring that I will have money coming in addition to my retirement benefits.
VOLUNTEER OR WORK PART-TIME
If you didn't need to have a "job" today, what would you do with your time? I love animals, especially dogs, bulldogs in particular. Find your passion and do some research to see if there's a good volunteer match or part time gig for you. I did exactly that - I did my research and now I get paid to foster a rescue dog through a local rescue organization. My foster dog is, you guessed it - a bulldog!
TRAVEL, TRAVEL, TRAVEL
One of my passions is to see as much of this great big world. Start by planning that dream trip with a budget. Check out my travel tips for more frugal ideas. The experiences with each country's culture are truly rewarding and enriches ones life. All of the vacations I've taken were well worth it, because the memories from every single one of them are priceless. Who knows, maybe I'll invest and retire in one of our travel destinations!
DO WHAT MAKES YOUR HEART SING
This is probably the most important tip... if you only surround yourself with people you like & love and if you only do the things you want to do and are having fun in the process, then your life will truly be richer!
Many people (young and old), have unfortunately racked up a lot of debt. I've tackled this problem by paying off credit card balances every month. My car has been paid off a long time ago and I don't have a student loan. My biggest debt is my mortgage, to help pay this off a little sooner - I pay extra towards the principal every month. Besides having debt, there are 5 other money wasters you will want to avoid.
EAT RIGHT, STAY ACTIVE
I'm not suggesting a boring diet. I'm also not suggesting doing a rigorous work out regimen. I love to eat but I've found that as I get older, I can't eat everything and not gain weight. So what I've been doing is to make sure I eat good tasting quality foods vs. processed or fast food. I've never liked exercise, so I'm not going to start now! I do walk everyday and I'm active around the house, by doing house work or re-decorating some rooms. By eating right and staying active, I'm continuing my healthy habits so that I have a long, rich life.
PURGE, DOWNSIZE, SELL
Like many people, I've accumulated a lot of stuff. I do a periodic "de-cluttering" of my entire house. I've been doing this even before I've heard of Marie Kondo. If I haven't used or worn something or I just don't like it anymore... I either donate it or sell it. I've made a nice sum of money by selling stuff on apps such as Letgo, OfferUp, etc or at our yard sales. Some empty nesters might want to consider downsizing to a smaller home that cost less and has lower maintenance. If something (or someone) doesn't have purpose or "spark joy"... let it go!
AUTOMATIC SAVINGS
Having a savings account for emergencies is always a good idea. I didn't always subscribe to this notion. But after being laid off twice, I've learned to always save for a rainy day! To ensure that I set aside money towards savings... I set up a monthly recurring transfer from my checking account to a dedicated savings account. For extra incentive, you can nickname the account... Caribbean Trip, Vacation Home, etc..
INVEST FOR PASSIVE INCOME
I am expecting to receive Social Security benefits as well as a pension once I reach full retirement age. However, I don't want to rely solely on them to live a carefree retirement. I plan to invest in another property, which can then be rented out for a steady income for years to come. I'm also going to continue to convert my Traditional IRA to a Roth IRA - which will be tax free once I start taking withdrawals. By doing so, I am ensuring that I will have money coming in addition to my retirement benefits.
VOLUNTEER OR WORK PART-TIME
If you didn't need to have a "job" today, what would you do with your time? I love animals, especially dogs, bulldogs in particular. Find your passion and do some research to see if there's a good volunteer match or part time gig for you. I did exactly that - I did my research and now I get paid to foster a rescue dog through a local rescue organization. My foster dog is, you guessed it - a bulldog!
TRAVEL, TRAVEL, TRAVEL
One of my passions is to see as much of this great big world. Start by planning that dream trip with a budget. Check out my travel tips for more frugal ideas. The experiences with each country's culture are truly rewarding and enriches ones life. All of the vacations I've taken were well worth it, because the memories from every single one of them are priceless. Who knows, maybe I'll invest and retire in one of our travel destinations!
DO WHAT MAKES YOUR HEART SING
This is probably the most important tip... if you only surround yourself with people you like & love and if you only do the things you want to do and are having fun in the process, then your life will truly be richer!
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