Entrepreneurs! Find Extra Money to Save For Retirement With Little Impact on Your Lifestyle

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The further you get into your 30s and 40s as an entrepreneur, the more you will start to ask yourself questions about your retirement. Are you planning enough? What is going to happen in X years if I don’t do save/invest right now? Do you have enough money?

While all of these questions are completely plausible and normal to ask, it’s important to note that there is an answer to all of them, and it’s called a retirement plan. What we’re going to do is look at some of the first steps towards developing your own plan and being set for a safe and lucrative retirement.

Check your numbers and make a retirement plan

Figure out what the actual amount of money it is that you want to save up for your retirement; while it may seem like “Well, the more the merrier!” is the easiest solution, making sure that you have a concrete, measurable retirement fund goal is the first step towards developing steps towards reaching it.

Once you set it, it’s important to track it, from 0 to the amount set. This will help you with saving up on unneeded expenses or excessive splurging because you’ll always have that bar in front of your eyes keeping you focused on the retirement fund goal. You’ll be surprised as to how much it actually helps to have a specific goal and then keeping track of it, as much as it may seem like a chore at first.

Review your income

Once you set your goal, it’s time to review all of your income on a monthly and yearly basis. Make sure you take all of your incomes into account; all of them are plausible for cutting off bits at a time to add up to your retirement fund. Once you’ve set your income rate and know what your goal is, it’s easy to calculate what your retirement fund rate should be and plan some other means of reaching that magic number. You’ll soon realize that you’re not spending as much money as you previously did, because having a clear number in front of you makes you feel different about your future.

Alternative investments

The number you’ve set as a goal will drop and rise, much like your rate of fulfillment for the goal at hand, so what should you do to make it more stable? If you’re in possession of assets such as an old residence a plot of land waiting to be developed or maybe just a little bit of extra money on the side, you should consider some alternative investments to make a turnaround and gain a few extra steps towards that magic number. Whether it’s real-estate development, investing in a stock, or using peer-to-peer money lending, try exploring some of the alternative investment options that the current day and age provide; it’s the age of the internet, so explore for a bit and try finding that special way of making a little extra on the side without damaging yourself and actually contributing to your retirement fund.

If you haven’t thought of investing in a wine before, maybe this would be the best time to give it a go. Believe it or not, fine wine investments can prove to be extremely profitable. If you want to make it in this industry, you must get to know the market a little bit better. Don’t take risks if you’re new to this sort of investment and stick to the basics. Consult with a wine merchant before spending any money, and choose blue-chip wine varieties from first growths – Burgundies, Bordeaux, Tuscany. These have the highest chances of increasing in value over the years, and thus rendering high returns.

Once you’ve set the basics of your retirement fund, it’s essential to stay on course and not lose focus on why you started the fund in the first place. You’ll be happy when you realize that the plan is working and that if you stick to it, you’re set for a specific age retirement even though you’re an entrepreneur yourself. Time flies, and before you know it, you’ll be older and looking for a way to become retired, safe, and comfortable with the fund you collected.

Author Bio: John Smith is the writer of this article. He is a regular contributor at many sites and mainly focuses on business and finance-related topics. He also writes for a site http://www.wineinvestment.com offering a range of leading-edge service solutions to the fine wine market.