If it was difficult enough to achieve the status of a wealthy person in Russia, now everything is much simpler. Of course, in order to achieve a decent retirement, savings alone in the Pension Fund are not enough, so you need to take care of this issue in advance and tackle the accumulation of wealth. Surprisingly, it will not be as difficult as you might think, even if your salary is relatively low. Most importantly, follow the four steps below.
Calculate your monthly savings
First, set for yourself the amount that you hope to accumulate before retirement. For example, let it be 3 million rubles. After that, you will need to calculate how much you need to save per month in order to achieve the desired goal for retirement age.
The figure can be affected by 2 weighty factors - this is your current age and the desired retirement age. The less years you have to save, the greater the amount you need to save. And although you can’t change your current age, you can well postpone retirement for several years if necessary. So it will be much easier for you to achieve your goal.
Get ready to make serious sacrifices
Retiring a wealthy person is not easy, especially if you are already approaching retirement age and you have virtually no savings. Perhaps in this case you will need to save most of your salary.
In this case, it will be necessary to make sacrifices in order to nevertheless achieve the goal. However, you do not need to cut your budget at all - just evaluate the income received with a sober look and cut back on unnecessary expenses.
For example, you can save on a personal car or opt out of weekly restaurant trips. Such simple changes may very well help you save a lot of money for the year.
Do not be afraid to invest
You do not just need to store money in a bank under the bed. They should always work and increase your income. Yes, stock markets may seem scary, but they are the most effective way to earn enough money to save them by retirement age. Just make smart investments, not get involved in adventures.
Check your savings regularly and make adjustments to them.
It is always important to regularly check your progress in order to see the result already obtained. If you are behind your schedule, then you need to make some adjustments in time in order to return to the right path. It may seem to you that progress is too slow, but you must understand that saving takes time.
When checking your savings account, you should definitely pay attention to how much you have already saved, how much you save per month, and whether your long-term goals remain unchanged. Keep in mind that if you missed a month of savings, you now need to save a little more in order to compensate for this. Also, corrections may be needed if you understand that you cannot work as long as you originally planned.