Hyderabad:Retiring rich takes a lot of effort and money too. Few people retire at the age of 35 while few are even struggling to make ends meet at the age of 65 too. You don’t need a six or seven-digit monthly income to be able to build a solid retirement corpus. All you need to do is proper planning and have enough discipline to stick to it. If you are planning to retire rich, then read this article to know about the things that would prevent you from doing so in the future.
You are just going with the flow without checking on your income
If you are not focused on increasing your monthly income then you are probably more likely to live poor in your gold years. Even if you are unable to find a part-time project or you are struggling to get the job of your dreams, your focus should be simply on doubling your current income.
Just going by the flow without taking any steps towards earning more can land you in financial problems even in the current times. Hence, to live a rich life, you must start finding ways to increase your wealth.
You are not saving regularly
This is one of the primary reasons that would prevent you from retiring rich. The first step towards building a retirement corpus is to save enough. Your retirement plan is simply worthless if you are not saving a portion of your monthly income towards your retirement fund.
If you forget to keep a sum of funds aside, then automate your savings or cut down on expenses like dining out, ordering food from outside, monthly subscriptions, phone bills, etc. You could also look to save more by opting for a second job or plan to start a new source of income.
For instance, if you are into the field of digital marketing, animation, or others then you can also look for freelance projects. And if none of this works, its time you redo your retirement plan to start saving enough.
You are too much dependent on credit cards
Have light bills to pay? Need to stock groceries? Paying dining bills-if all this is done through credit cards then its time you rethink your financial status. If you are consuming credit cards for paying off basic requirements then you are already getting ready to get stuck in a debt trap.
Missing out on credit card bill payments not only lowers your credit score but also adds interest, which can put you further in debt. So its time you stop swiping the card for every little requirement and start using your debit card instead of catering to basic needs.
You are struggling at the end of every month
If you are awaiting your salary every end of the month of at the start of the month then its time you sit and think about your finances. You need to understand that this is not a good sign and you need to have a plan in place to ensure you are not completely dependent on your salary.
Read more:49% Indians want Chinese firms to sell goods, with data security
You need to create a plan that allows you to save at least some amount of money before the month ends. Also, note that the banks when processing your loan application also check this factor.