Serving in the United States Armed Forces is a challenge and a solemn thing. But many Servicemembers do not prepare for their future by setting aside some of their money for the future, and because of this they reach retirement age less prepared to enjoy their golden years. With a little bit of preparation, a person can use the advantage of compounding interest to help them maximize their savings opportunities.
When you retire you want to be able to be free, to enjoy your life and to do things that you always have wanted to do. This may include travel, or supporting a particular cause or charity that you believe in. Perhaps it’s enjoying your favorite hobby, or just to relax. But even if you just want to sit back and enjoy life, it all requires that most precious of commodities: Money.
Track Progress: Everyone thinks of the test of wealth as what a persons “Net Worth” is. It is good to subtract all your debts from the value of all that you own, Do this every six months and then track your progress. If you are making headway, then you should see the value of net worth rise. Tap into The Power Of Compound Interest: Its just like mixing two things in a recipe, if you take eggs and milk you have an omelet, completely different from each individually. In the same way, if you take savings plus time compounded, then you will have a larger amount than you would have without the compound interest.
The ability to make your money work for you, and to have effective savings is a learned skill, almost an art form. If you hear the word: “Wealth” you think of cruise ships, yachts, ostentatious jewelry or limousines. But being wealthy is not about money as much as it is about acquiring means to have the freedom you desire. Such freedom is available to everyone if a person will observe a few vital tips:
Live Within Your Means: The single biggest factor in accumulation of wealth is to spend less money than you bring in as earnings. It’s not what you make in life, but what you get to keep that counts. Know where your Money Goes: If you have that feeling that you have more month left when the money runs out, then perhaps you could benefit from keeping better track of where the money does go. Keep all receipts for everything you buy for a month or two, and then look at where the money has gone. See if you can identify any truly unnecessary spending or duplication in purchases.