15:33 25 February 2013
So, you’re now over 40 and you start to worry about your retirement. Although it’s highly recommended to start saving for your golden years while you’re still young, you can still make up for it now that you’re more than 40 years old.
The key here is doubling your efforts in order to make up for the loss time and earnings. Here’s what you need to do:
1.First, find ways on how you can save more money. List down all the things where you spend your money and figure out which ones you can get rid off. Little sacrifices may be needed at this point. For example, you may need to cut down the number of times that you travel per year or that you may need to minimise the number of times that you eat on fancy restaurants.
2.Learn about the stock market. One of the fastest ways to make additional earnings is through the stock market. However, keep in mind that this carries huge risk as the market is always volatile. To stay on the safe side, invest on blue chips only.
3.Diversify your portfolio. At this point in your life, you need to minimise the risks that you’re taking when investing your money. So, do not put all your savings on stock market. Instead, invest some of it on mutual funds that are less risky.
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