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Our $1M Goal: How We’re Using Our TFSA For Retirement
Goals are important. Financial goals are especially important.
Having a goal gives you something to focus on, it gives you direction. Goals provide motivation, they get you moving.
We’ve had big financial goals in the past. Years ago my wife and I set a goal to pay off our mortgage early. That was our first BIG financial goal. Once we achieved that goal we were hooked.
We find financial goals to be very motivating. They give us a reason to stick to our budget. They give us a reason to control our spending and look for new ways to save. They help us avoid purchases that don’t align with our goals (especially impulse purchases).
We currently have one HUGE financial goal. Our goal is to have $1 MILLION in our TFSAs by the time we turn 55.
Retirement Planning for Young People
Even though it’s a long way off, many young people think about retirement planning.
Twenty-five percent of young people list retirement as one of their top two financial concerns. Top two! They’re more concerned with retirement than debt, expenses, unexpected emergencies or losing their job.
When young people think about retirement their biggest concern is “running out of money.”
To be honest, I’m not surprised.
Saving for retirement is something we’ve been told to worry about again, and again, and again.
The good news is that starting early makes a HUGE difference. Starting early is basically retirement savings on “easy mode.”
The best way to ease your retirement concerns is to make a plan and start saving today (even if it’s just a small amount).
In this post we’ll go over a ‘quick and dirty’ way to create a retirement plan. This “retirement plan” is perfect for a young person. It isn’t a replacement for a full financial plan, but it’s a good way to put yourself on the right path and start saving.
Setting Financial Goals: A List of 16 Short and Long Term Money Goals
Setting a goal can have amazing results.
Even just thinking about your goals will give you a higher chance of achieving them. Writing down your goals will improve your chances again. Revisit your goals regularly and your chances get even better!
The chance of hitting your goals will improve by 80% when you write them down and create a plan.
I love goals, especially financial goals.
One of our previous financial goals was to pay off our mortgage early. We did this in exactly five years! At the end of the post I’ll share with you our original plan and how it actually went down (because things never go according to plan).