Beginning to train far ahead
of the race and consistently
running according to a
training schedule will lead
to a much higher likelihood
of success. This is true for
retirement savings also. It is
much more difficult to retire
securely if you wait until a
few years before retirement
to get serious about planning.
Instead, if you begin thinking
about your financial future
early and start saving on a
regular basis, you are more
likely to meet your goals. But,
if you are starting late in the
game, don’t be discouraged!
Saving what you can and
moving toward your goal is
going to be better than giving
up all together.
PROTECT YOURSELF
FROM INJURY
Obviously an injury can
seriously hinder the training
and success of a runner.
Similarly, a financial injury,
such as loss of income
through death or disability,
can hurt your financial future.
Fortunately, there are a
variety of ways to limit the
likelihood of this happening.
Disability insurance can
be very important if you
are relying on your income
for your future financial
security. Life insurance can
protect your family in the
event of an economic loss
relating to a death. Longterm care insurance will
help protect your finances
in the event of the need for
at-home or nursing home
care for a family member.
Your investments also need
protection from financial
injury. Diversification can
help to reduce the risk of
concentrating too much of
your money in one type of
investment.
GET YOUR HEAD
IN THE GAME
Unless you love pain, the only
sane way to enjoy marathon
running is to have a healthy
mindset. What I say to myself
about training for, running,
and recovering from a long
run has a direct impact on
how I feel. Similarly, having
the right mindset for reaching
retirement goals is imperative.
What we think and say about
our money and our financial
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