Retirement does not mean you should stop spending. It is rather the time to enjoy the money you have earned and saved. Money is a commodity which needs to be used and spent to make the most of it. Retirement plans available in the market might not suit you as they are not personalized. The best way is to build your own retirement plan according to your own specific needs. Since you will be not working full-time when you retire, you have to make a plan to effectively replace 80 percent of your income. Here a few tips for building your own retirement plan.
- Save for the future – The first step is to start saving for the days when you will not have regular income. The traditional way is to save 10 percent of your pay every cycle. However the better plan is to save 30 percent of your annual income. It will help you retire rich.
- Invest in the right place – Money lying idle in your checking account will devalue due to inflation. Hence you need to make effective investment. Spread out the money in form of real estate, stocks and bonds. Build a portfolio to minimize the risk. Also keep some money in your checking account for emergencies. This should be around 20 percent of the total savings.
- Plan and Pay off debts – You should have zero debts by the time you retire. This will help you be stress free and have more money to spend on enjoying your life. Make a plan to pay off all debts like mortgage, auto loans etc. a year before you retire.
- Start working part-time 5 years earlier – Do not quit your current job early. Rather start working part-time on weekends to prepare for your retirement. You will have work to do and the money earned will add to your riches. When you are ready take the pending holidays and work in the new part-time affair.
- Start your own business – There are many examples of people becoming entrepreneurs after retirement. The reason is they have enough money saved and can take risks easily. You can also explore this territory if you actually want to work full-time even after retirement.
Taking cue from these tips for building your retirement plan, you can actually be more productive in the later life. This is due to the corpus you will build which will take care of your needs and keep you in the punk of health.
Your financial situation is really bad, and you need some money to pay your medical bills. Your credit card limit is also off, and you are desperate. Do not take stress, as bad credit loans are the products made for you. They have been designed for people in need of money.
The bad credit loans have an addition facility of paying in installments. This will help you to pay the loan and also use the cash for your emergency needs. Direct payday lenders operate with different set of rules than a bank and hence can provide loans to people with bad credit history. They will just check your affordability of repayment. A payday loan is just a stop-gap arrangement and you will need to increase your income to get out of the debt crunch.
Questions to ask before taking a payday loan
The payday loan lenders have loans designed for people facing financial difficulty. You just need to check with the answers to these basic questions.
- 01Is online application available? – Applications for the bad credit loans can be submitted online. This requires no physical paper work. Just provide a copy of bank statement, employment letter soft copy and address and identity proof. In most cases the lender will check your credit history of 90 days only. So people with past bad credits will have no problem with getting the short-term loan. If you are having bad credit history within last 90 days then you will have option of paying in installments.
- Is the lender taking Instant decision?– The best part of the payday loans is that you will get a response within minutes of application. If the lender takes longer than an hour, your chances of approval are a minimum.
- The speed of cash receipt – The payday loans reach your account within 24 hours. It helps in emergency situations as you do not have to wait for the cash.
- Is the repayment smooth and easy? – Most of the lenders provide direct debit as a way to repay. You should check for installment facility if you are unable to pay in one go. The lender will charge a bit more but will most probably provide you with easy installment facility. This is really convenient for people with low-income.
- Is there danger of long-term debt? – You can ask for extension of payment date at a little cost. But do not prolong the payment as the rate of interest is high. The prudent option is to try to pay on time. It will also improve your credit history, and improve your financial health.
Before taking any loan compare interest rate online. Choose only the credible lenders even if they are charging a bit more. There are many scams running in the name of payday loans who will steal your personal information. So be careful while filling the online application form. Get a safe and fast payday loan and do remember to repay on time.