In the first article in a series on financial fitness, WealthBar offers a challenge to you, to get your personal finances in shape! We’re here to help you get there.
We could all work out more. (OK, Chris Hemsworth, you’re excused.) But would you be willing to actually put in the sweat and tears if it meant you could retire years earlier? Sorry… you can’t make that happen by pumping iron! It might just help you live longer, though. In which case, you’ve got even more years of retirement to pay for.
A different kind of workout regimen is called for: shake that money maker! Metaphorically, I mean. Sort of. OK, let’s get your finances in shape.
Are you financially fit, or financially flabby?
The first time you step into a gym with a personal trainer, they don’t put you right to work on the chin-up bar. First, it’s all about taking stock of what you want to achieve. How do you stack up in terms of your goals?
Net worth milestones for the average Canadian
|Age||Net worth milestone|
Source: The Modern Couple’s Money Guide, Page 37.
Got room for improvement to reach those goals? Hey, we all do. And the earlier you start working on it, the better.
Want that healthy nest egg? Get financially fit while you’re still a spring chicken
Source: Omni Report: Seniors and Money
You’ve got to have money to make money. Investing is hard to do when there’s no money left over. Unfortunately, debt is a fact of life for many of us. And you might find this surprising — but only a slight majority of Canadians are debt-free by the time they hit retirement. Many of those looking to take flight with their nest egg will need to dig themselves out of a hole, first.
Peer pressure! How is your financial fitness compared to the average Canadian?
What do you see when you look in the mirror of other Canadians’ financial fitness goals? Do you see a way to trim the fat in your budget and cut down on debt? It might seem really hard right now… but that’s always how it looks on your first day back at the gym. No pain, no gain. We’re gonna get you in shape!
Eager to let your money do some of the hard work of pumping up your retirement nest egg? Check out our next article where we deliver some practical tips for you to get started.