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04 June 2010

Few things that you should take care of before your retirement

What I am suggesting below may not be applicable to certain individual. This is just a guideline to better prepare your retirement before it too late. Some may take this for granted because they think it still a long way to retirement and why should I worried too much about it.

a) Start saving for retirement as earlier as possible. The earlier you save, the more you will save.
b) Start your EPF contribution (Employee Retirement Fund for Malaysian Citizen).
c) Learn to manage your spending and expenditures.
d) Buy or build your own house. Buy more houses if you can afford.
e) Educate yourself on Managing Fund or financial matters.
f) Take good care of your health. Eat well balanced healthy food. Don’t smoke or drink too much alcohol (don’t be alcoholic). Exercise often to maintain good health.
g) Ensure you have fire insurance for the house. You don’t want to use your retirement saving to rebuild your house if your house is on fire do you?
h) Do do not take on bad debt e.g. buying consumer items such as LCD display on credits or buying expensive gadget using your credit card and so on. Unless you know how to manage and clear off the credit card outstanding on time.
i) Learn to invest and invest in selected unit trusts.
j) Learn new or upgrade your skills to help you earn more money.
k) If you are technical person, update your knowledge and do your very best to carry out your job so you can be promoted and earn more money. More money, more saving.
Not having enough money on retirement is the worst thing that can happen to you if you are not prepared and it can be a nightmare or worst still it can drive you mad.

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