How to increase your net worth before retirement

[Augusta]

When you are thinking about retirement, you should also think about how you would have a networth that will effect you positively after retirement. This means you should look for means to increase your net income as much as you can.

You can do the following

Buy a house;

You would be reducing one major thing that will be depleting your monthly value when you have a house of your own before retirement

Start a business:

You know that one day you would retire and you would need another source of God for maintenance. So you need to start a business this way you can sustain yourself and increase your net worth.

Have high yielding investments

One way you can keep soaring your networth is by having investments that will yield high profits for you . You have to put this already on ground as you are still working. So that you would get the profit at retirement.

Add yours

 

[Heartstrings]

As you stated above,you can actually increase your net worth by all you mentioned. Setting a business is one of the most important way to increase your source of income and also you have something to fall back into, because I have seen some families who ends up regretting not doing anything for themselves before retiring. There are so many business that's so profitable which one can starts.

Also buy a land,it's a huge side investment, you can sell it out,use it as a rent to Farmers or you can also build a house or a shop on it, depends on what you know it's good for you at that time.

Also remember that some people go into investment and end up loosing everything in a second, that's why when it's time for investment,be 95-100% certain what you are about to invest in will surely yield positively. It's good to set up one or two things or better still start saving up from day one,then before retiring you should have so much money to set up a business of your own.

 

[Shaf]

I have experienced life with people who planned for their retirement, and those who thought their pension would be enough to cater for their needs.
Like the saying goes, he who fails to plan, plans to fail. Having a plan for retirement is important because it's a major step in one's life.

The problem is that a lot of people don't know exactly what to do to build their assets before retirement. Most fail if they try to start a business, and saving money in the bank yields little interest.

One of the best retirement plans I've seen is investing in real estate. It takes time to get the required capital, but it's a way to sustain you after retirement.

Some people also find it fun to turn to their hobbies as a way to supplement their pension. I like this idea because it give the person room to do what they like and still earn money.

 

[Setho]

I have always believed that plans for retirement should begin immediately after you have started making money. Ideally this is when somebody has graduated from college and has gotten a job where you can be making money on a monthly basis.

Get extra jobs. Young people are categorically known to have a lot of energy and if you want to retire early then you should not be satisfied with the job that is paying you peanuts early on. Try to have some other jobs that you can do for 2 or 3 hours daily in order to cover up some certain expenses.

Develop passive income. You should try to explore ways in which you can be able to create systems that work for you. This can be in form of starting a YouTube channel on your area of expertise or simply just starting a blog. Dedicating posting two articles per week is going to give you a total of over 100 articles in one year and that is incredible.

Invest. It is not just enough that you should be getting money but you should also make the money to grow by investing in stocks or buying a real estate property in a high potential area

 

[Mika]

In order to increase your net worth, you need multiple income sources. If you have a single income source, you might not be able to build your net worth because you will be needing most of your income to pay your bills. In order to build multiple sources of income, you will have to start saving your money, once you have saved a sizeable income, you will have to use your saving to make an investment. You need to start with stock market investment because you can start investing in the stock market with a small amount, you will have to gradually increase your investment. You will also have to diversify your investment, therefore apart from stock market, you will also have to invest in the real estate. Real estate needs big investment, but if you really work hard you can actually start investing in the real estate. All you need is some money to make down payment

 

[Carpon]

You mentioned some very good ways that one can plan for retirement and even increase his or her net worth eventually.

Investing is something that yields great benefits financially. When you invest in so many things, you will get a lot at long last and you will do so passively because you won't have to put that money you invested into use but rather others will and your share will be kept safe.

And another way that you can increase your net worth is by buying liquid assets which appreciates in value with respect to time. When you have this in place, your net worth increases by every tick of the clock.

There are may sorts of liquid commodities that one can possess.
Moreso, as you have mentioned, owning multiple businesses increases your net value by far. Many of the richest people we have around here are people with multiple businesses and they only set it up not run it personally.