Preparing for retirement is easiest if you start when you are young. There are many things young people can do to drastically improve their chances of having a good retirement. Here are five skills that will boost your child’s retirement prospects.
Develop an appreciation for delayed gratification. Whether it's saving for a toy boat or a comfortable retirement, learning the benefits of delayed gratification can help anyone develop an appreciation for frugal living and a savings habit.
The earlier you start saving up for large purchases, the easier it is for the art of delayed gratification to permeate into other parts of your life. When you are successful, impulse purchases won’t seem that interesting anymore. You also won't mind working just a bit more for your goals as you shift from immediate gratification to more long term goals.
Spend some time deciding what you would like to do in life. Some people just react to the events that surround them and spend decades deciding what they really want to do. Yet, many successful people know early on which field they would like to work in. Setting career goals early in life allows you to spend your resources developing your skills in that area. And the more refined your skills, the more income you will potentially generate.
Learn to be friendly. The most genuine relationships are usually with people you meet early on in your life, when the relationship was built without a hint of hidden agenda. These life-long friends will help you grow, keep you happy, and can also give your career a boost when you need it most. One friendship can sometimes change your life completely, so learn to be friendly and never burn bridges.
Develop a passion. When you are figuring out what you really want to do in life, make sure to pick something you are really passionate about. If you don't know whether you are passionate about your current work, then you probably aren't. Don't settle, because passion can take you to extreme heights in your career.
But this advice applies not just to your career, but to what you do in your spare time as well. Watching TV may be the most convenient activity you can think of on a daily basis, but is that really how you want to spend four hours of your day, every day? Four hours of TV viewing each day over a lifetime is about 15 years in front of a TV.
Find someone you can grow old with. Divorce is very expensive in more ways than your finances. Having someone by your side who supports your views and has the same values can be a tremendous force in helping you achieve your goals.
David Ning runs MoneyNing, a personal finance site aimed at helping others change their habits for a better financial future. He suggests that everyone to sign up for an online savings account to get more out of our hard earned money.