Your Future Financial Security?! 10 Guidelines To Take You There

Talking of the four small wise things on earth, King Solomon says that ants ain't strong like people, 'yet they prepare their meat in the summer.' (Proverbs 30:25). The reasons are obvious, the ants won't be able to work during summer.

You can easily agree with me, anybody under 30 rarely thinks of future financial security, especially when talking about retirement. I being in this age bracket, I know for sure we've all these READY and PRESSING needs that we must meet; beginning a family, buying/building a house, getting a car, owning a plot somewhere, etc. That's good and approved. But when are you going to start thinking about your future? How
can you secure a stable future financial security without affecting your short term vision? That's what this article is all about.

 For a beautiful tomorrow, you must do something today. Here's what to do:

1. Invest in "YOU"

What can you do? What are you capable of? What is your value? That's the greatest asset that nobody can take away, neither can any financial crisis break. It's all about your skills and education - how much you know and can do excellently. Financial experts call it "earning power". You must keep your earning power increasing with time. Your earning needs to grow yearly, if not so you need to re-evaluate your career and do something. 

Increasing your earning power places you in a better position to secure a smooth future as far as financial security is concerned. Remember you build from what you have. The more your income, the easier and better your future is likely to be.

2. Start saving NOW

I think arging young people start acting early in all they do is become my cliche. And it's no different with saving for tomorrow. I say NOW because that's the earliest it can ever be. At times I discuss some issues wit my dad and he says, "This is not important now, but in the near future it will." And the issue of ensuring my financial future is secure is one of them. I know he does know what he says. Don't spend everything, make sure you're saving; you may not know what a penny can do at the long run - just save.

3. Go beyond saving, PLAN

There is this quote by Earl Nightingale that I love so much: "People with goals succeed because they know where they're going."  Jim Rohn adds, "Success is 20% skills and 80% strategy. You might know how to read, but more importantly, what's your plan to read?"

What planning does is helping you set goals; with goals you're compelled to work towards achieving them. This again calls for self discipline for ideally, none will be following up to inquire if you achieved your goal. So what do you want to achieve in your finances? How could you love your financial future to look like? Write that down and draw a plan on how to achieve it. Don't fear or get intimidated, have a plan. 

4. Understand the MONEY BASICS

Financial security is all about handling money - it may be in form of assets, but at the end of the day, it's money. It's therefore very important to learn how money works. How is investment done, and what forms of investment suits you? Forms of transaction. Money and technology. Money and family. Loans and debts. Basically desire to learn this topic called money discipline. It's usually not a sweet topic especially when not interested, but it's mandatory if you need to mature financially. This article 6 Basics of Money Discipline You Must Know shades some light on money basics.  

5. Make your savings an EXPENSE

My short experience has taught me that saving is not that easy, and anybody can tell you that for free. I don't know why, but money always gets expenses to serve - and genuine expenses. The only way to consistent saving is making your savings an expense. By that you'll be allocating a certain portion monthly to go to the savings. Better still, you can have this amount deducted directly from your paycheck. 

6. Borrow WISELY

By wisely I mean borrowing money for investment, that is long term assets, not for leisure. Always remember borrowed money need to be returned, with an interest. So it's only wise to spend it on something that will generate more than the debt itself. Leisure won't do that. Sound investment will. Leisure will only get you into more debt and deny you resources to invest. Borrowing is a great tool to flying to your financial heights, but it must be used wisely. Next time you plan to apply for a loan, make sure you're doing an investment. 

7. Diversify, yes, DIVERSIFY

In the world of investment, there is a degree of risk. Diversification not only reduces risk, but also guarantees higher gains. But you need to know how many eggs to put in what bucket. This is determined by your age, your total income and risk tolerance. Your age might speak more of the responsibilities facing you. A youth in the doing his first degree or about to marry will definitely have different responsibility from a 40+ man with the last-born in high school. But the point is, invest in various assets. 

8. Make your world a BETTER PLACE

All the growth we're talking of will take place in and with the world around you. So isn't it worth making it a better place? Give back to the society. Build and empower others. If they are strong, you are. Give out your skills, money, time and resources. I've said it somewhere, and I can repeat it, the best way to multiply what you have is by subtracting it. It doesn't sound logical, but it's practical and it works. So yearn to build your world!

9. Family FIRST!

Whatever you're doing, make sure you've considered your family, whether married or not. We work for our people. If what we're doing kills the strength of your family, then of what reason struggle over it? If married, consult your spouse. Know how you can join forces to build a secure future together. It's better that way.

10. Please, ENJOY

While young, have fan. Happy people are more productive. As much as you're fighting to build a future, make sure you're enjoying your youth, for a day cometh...! Lol, you can finish that for yourself. Nevertheless, remember you also have tomorrow to live. Above all, remember Jesus is also coming to ask for responsibility over the gift of life. Enjoy wisely!

In conclusion, reaching financial freedom calls for determination and taking bold wise steps. It entirely depends on you, how do you want your future to look like? Make it!

Back to you: Is it important for the youth to think of their retirement earlier? When should one do so?