Accept Responsibility for Your Financial Future
Before you start or continue on your way to your financial future, keep one thing in mind- investing is for the long term. The ups and downs of the market are considerably less risky than not investing at all and sitting on your cash, letting inflation dwindle away at your "nest egg." Simply doing nothing about your retirement now is in many ways more dangerous- whether you're planning for a child's college education, saving for a first home, or starting to save for retirement, do it now!
Long ago it used to be that there was a clearly defined role of both husband and wife. Times have changed and those responsibilities have been divided. Over the past 30 years, the financial responsibilities have been increasingly split between husband and wife. There is definitely a reason for all of this as investing for a financially secure future requires more commitment of both parties. Lives of both parties in a relationship are increasingly getting busier, so usually the more experienced, financial minded individual ends up taking on the saving / investing responsibility. But there are many reasons why both people in a relationship should do the investing work.
This is definitely an area of responsibility where both of you should share equally. If you're the individual who knows a bit more about investing, I'd really recommend that you include your spouse or partner in the planning. If you're not one of those people that knows a bit about saving for retirement, I strongly recommend that you explore more within this site and learn all that you can. Your future and your family's future depends on it. Teach yourself and your partner or spouse to survive in the event of an emergency such as a death in the family. It may seem a bit morbid to speak about, but things happen- prepare while you can. Everyone in your family should be completely aware of the family's finances to be fully prepared for an emergency.
If you're the type of person to get frustrated and a bit reluctant about learning about retirement, I encourage you to push yourself and get involved- you'll be glad you did. Simply ignoring the financial impact on your life is a huge mistake. Often times, many of the tools you need to successfully plan for your future are intuitive and can be built by continuing to learn financial tactics. It's not as hard as you'd think. Do not let yourself become dependent on another individual. Learn for yourself what it takes to achieve financial independence, and teach others.
Author Gail Sheeshy of Passages and New Passages wrote about "Why Women Fear They Will End Up Living in a Box Outside Bergorf's." Sheeshy writes that many women feel that they will end up to be broke, and for many women, the fear is living in a box outside of a major department store. She once felt this way herself. This is when she noticed that she needed to take control of her life and learn. Sheeshy learned that an IRA and a few other investments simply wouldn't provide the financial security that she needed.
If preparing for your retirement means retaining the services of a financial adviser, then fully understand that you must do what it takes to gain a "foot hold." You can start preparing for your financial future easily with a few basics: Save at minimum 6 months of your annual salary as an emergency fund. Contribute the full maximum to your current investment portfolios such as a 401k or IRA. Assure that you and your family are fully insured. These basic essential tasks will get your started to financial freedom, but you must do more. There is an abundance of information out there- this website alone discusses many topics relating to financials on all levels, so explore and learn.
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