I recently read a thread on Reddit discussing what happens to older people who didn’t save for retirement? Unfortunately, many of them end up in neglectful nursing homes that are depressing and understaffed. The conditions are dreadful. As the saying goes, “Fail to plan and you plan to fail. “ Some of these retirees have to live in a run down mobile home in a relative’s backyard. It’s a strain on everybody.
Earning a low income as a dance and yoga teacher motivated me to study personal finance. I poured over books, and listened to financial podcasts and YouTube videos. At that time, I didn’t really have more areas where I could cut expenses, what I needed to do was to increase my income. Many women have no interest in learning about money or investing, and that hurts them when they are older.
Any windfall I received I invested. I read up on dividend paying stocks, and purchased them when they were on sale. All of the dividends were automatically reinvested. Creating a long term plan helped me to visualize the eighty or ninety year old lady I would someday become.
Sticking to frugal habits for decades, whether or not I had extra money, made all the difference. Not getting hooked into addictions like gambling, drinking, or drugs kept my body lean and healthy. It also kept expenses low.
Most important is to have a Can do attitude. Being self motivated, organized, and disciplined means that you will find creative ways to make your retirement a happy, fulfilling, and nurturing time of your life.
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It sounds like you did your homework and planned well for your retirement! I've been retired for five and a half years! I have some chronic health issues, but, I'm enjoying being retired and continue to live well on my retirement income. :)
ReplyDeleteYou laid an excellent groundwork for your retirement in your working years. One of the curses of modern life, in my opinion, is that a lot of people cannot entertain themselves at all without spending money. Why go for a nature walk if you can pay to watch a show? Why spend time enjoying looking after your possessions when new ones can be bought cheaply? Why take time to make a nourishing meal when there is a take-out just down the street? It is very easy to borrow money from your future self and end up in retirement broke and bored!
ReplyDeleteYou planned well and understood what you wanted out of life early on. We did just about the same. Staying healthy is so important for enjoying life. Retirement is wonderful! Tracy-I agree with your comments.
ReplyDeletePlanning ahead financially is essential. We are still in our spending years (with three children still left to support financially) but we do both have a private pension plan through work and own our house. Both will be useful.
ReplyDeleteYou're a real inspiration, Stephenie. Although I no longer own a home, I do have a really nice living situation, and a lovely life. I 100% agree with how you saved money over the years. I find that living that way is easy.
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