Journey To Financial Freedom

Once upon a time, there was no such thing as retirement.  People would work hard and had meager savings hence, staying in the workforce is essential for survival.  People are considered old once they reach the ripe age of forty. OMG!  Had I lived during those fairy tale age, I would consider myself now really one of the oldish!

So this is who I am, And this is all I know,
And I must choose to live, For all that I can give,
The spark that makes the power grow

And I will stand for my dream if I can,
Symbol of my faith in who I am,
But you are my only,
And I must follow on the road that lies ahead,
And I won’t let my heart control my head,
But you are my only
And we don’t say goodbye,  and I know what I’ve got to be….

At midlife, many of us would still feel too young to be the age we are, especially when  much, much younger friends surround you most of the days.  Perhaps this is the denial stage., hahaha!  Or perhaps, we just can’t really imagine ourselves as seventy or eighty something.  But mind you, it will happen, unless we die early. LOL!

Of course we dream that our later years would be sprinkled with life, color, joy and renewed energy.  In this case, we assume that our years continue to click off relentlessly.  Now we ask ourselves: “What do we do now for the greatest peace of mind about tomorrow?  How do we prepare for the later years?”

At this point, we must decide and plan about our economic, emotional and physical welfare for the later years.

  • See Yourself in the Future — As an older person, think about your health.. Do you have health problems now that might be worse then?    What about your expenses, how much will you live on?  will families or close friends be nearby?  Are you ready financially for the retirement years?  How do you plan to make make use of your time?  What activities would you be involved in?
  • Figure Out Your Finances— Get involved with the necessary figures.
  1. Determine your net worth, what you own and what you owe.
  2. Record your monthly income and expenses.  This includes your source/s of income( wage, salary, interest, dividends, etc.); your fixed expenses (Rent, mortgages, taxes, utilities, bills, etc,); your flexible expenses (food, vacations, home maintenance, etc.)
  3. Estimate your future financial needs. Think about balancing your expenses and your income on the future years.  Will you still be paying insurance policies? Medical bills? etc.  Take action now.
  • Be a Boy/Girl scout.  Be prepared for a crisis.  Do you have access to cash for immediate expenses?  Access to your assets?  Medical insurance and their coverage?  Your savings, investments and other retirement financies
  • Write your Wishes. When intentions are not written down, family quarrels and hard feeling may occur. Decide where your properties go and assign a Special Power of Attorney.  This is very important especially when you become incapacitated.  And lastly, however morbid it may sound, put your funeral wishes in writing.  Sooner or later in our life, we have to tackle this end-of-life issue.

And for this last particular case, let me share one of my funeral wish es (hahaha.., this is already included in my written will:

I want my remains to be cremated,t o be placed in a jar I am still about to purchase, to stay in my house for a year and finally to be placed with my mother’s remain.


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