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Enrich Your Life: Simple Ways To Invest In Your Future

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By Mia Bolaris-Forget

We’d all like to earn more money or win the lottery, but most of us either don’t vie for higher paying jobs of don’t play Lotto. Plus, would we be able to hold on to all that money if we had it. Let’s face it most of us would “invest” in all those things we’ve depriving ourselves and our families of. And, if there was any left over, perhaps then we’d think about saving. Yet, ironically enough, as may concur, the more we “live”, the more money we’ll need, and not just because we’ll want more or because the cost of living is on the rise, but because with maturity comes the need for more “conveniences”. And, with a higher life expectancy these days having a healthy nest egg is not only suggested it is highly recommended.

Yet, it seems that the rich keep getting richer while the rest of us muddle to get by. But, according the experts, it simply seems that way. While they agree that the wealthy have more, they also have more to spend or lose, so, we could all wind up walking in the same financial shoes. But, they assert that the rich are also richer in their understanding of not only making money by saving it.

· Begin by adopting a fresh philosophy and understand that while you can’t predict the future you can certainly plan for it. So, make sure you have enough saved for retirement and just more than one rainy day.

· Save as much and as often as you can. And, start as early as you can. If you have kids, put a portion of their birthday or holiday money in an account for the future or away in case something happens to you. Older kids should be taught about saving by being held to expectations of putting aside a portion of their allowance or earned income, even if that means having them give it to you to save. Cut back on un-necessary expenses and put the money you would have spent in a special interest earning account. Remember, the sooner you start this plan, the better.

· Audit expenditures and take an inventory on things you can cut back on. Sure, you can eliminate eating out or going to the movies, but depriving yourself of too many of life’s little pleasures can cost you dearly in other arenas. Note what you spend the most on that you can do without or cut back on and start from there. Remember bringing you own lunch to work (most days) can add up to significant savings.

· Use tax laws to your advantage. Don’t hesitate to participate in your company’s 401(k) plan or Roth IRA to grow you money tax-free.

· When it comes to your kids, if you have the option of saving for college of padding your retirement nest egg, the latter always takes precedence.

· Tighten your grip. No one is suggesting you squeeze so hard that you don’t enjoy life. But, the experts do point out that even the wealthiest men and women don’t spend money carelessly. In fact, they are likely more “frugal” than we think, doing lots of research and investigating before they buy things to make sure they are getting the best deal or price. And, for the most part, they refrain from impulse buys.

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