When people get employed, they forget they will retire at some point in the future. People forget that their employers will one day ask them to resign.
The majority of people assume that the money they are currently earning will keep flowing into their pockets forever. That is why they spend every penny as it comes. By the time they discover that they are about to retire, it is too late.
A good chunk of retirees die within a short period of time because of stress. This is because they retire with nothing to fall back to. Some even retire while still living in rentals.
The question is, why should someone who is earning a good salary retire a miserable man or woman? The answer lies in planning.
Many people fail to plan for their retirement. The first thing to know is that if you are an employee, the passage of every single day brings you closer to your retirement.
What should you do then so that when you retire you live a happy life?
One of the surest ways is to invest in your children. There are few things quite as precious as investing in your children.
The best investment you can give your children is education. Make your children know that your money is not their money and that they have to work hard to make their own money in the future.
In African culture, children who are gainfully employed are the ones who support their parents. The rule here is simple, give your children a bright future while you are still up the ladder and they will take good care of you when you’re down the ladder.
Develop a saving culture. Developing a saving culture and then maintaining g it is very difficult for many people. It is always prudent to save.
Make it a habit that every month, you save a percentage of your salary, in fact, start with 2 percent of your salary monthly and you will be surprised how the money will grow with time. Remember, it is wise to save and wait and very unwise to wait and save.
Invest in a business that will bring you returns. Apart from your salary, have a business that will be bringing in income.
That income, you can decide to start saving it as you use your salary to run other projects. Starting a business, however, should be taken with caution to avoid losses. You should not just set up a business because you have money, start a business because you want it, you mean it and you want it to serve you.
Lastly, buy a piece of land and build some rentals on it. At the moment, land is very precious in Kenya.
This is because land has never and will never depreciate in value. The value is ever appreciating. This implies that owning a piece of land is like owning a field of gold that will always serve you.
Do not retire poor. Wake up and realize that you will retire one day.