The idea of saving up for a life after retirement is an often ignored by most people under 30. People in this age bracket have this unfortunate propensity of not having this foresight. This is understandable as some are still set on saving up enough money to buy the things they need to settle down. While people are so caught up in achieving all these short term goals, it is not a smart idea to set aside plans for achieving a secure financial future especially after retirement when one can no longer work to earn a stable income.
However, young people do not need to sacrifice their dream of buying their own houses or cars in order to live comfortably after retirement. All they need to do is to practice how to handle money the right way.
Apart from gaining balance and self control, it is important for people to recognize their biggest and most important financial assets --- their abilities and skills that enable them to work and earn an income. Investing in your own self is sure to pay off in the future. And just like all financial assets, people should always seek for ways to upgrade themselves while they are still at the earliest stages of their careers. People can increase their value as an employee by constantly upgrading their knowledge and skills.
As you work your way up the career ladder, your regular income goes up with you too. When this happens, most people feel that they are obliged to live a lavish lifestyle. Instead of saving up all the extra money they earn they feel entitled to live the good life. There is nothing really wrong with that. However, they must keep in mind that they are not required to upgrade their lifestyle just become their paychecks have doubled in amount. People must consider this piece of financial information: raising the current mode of lifestyle is very easy once people start earning bigger salaries. There is a caveat though: becoming accustomed to an affluent lifestyle brings with it greater financial demands, making saving for the future a chore. It is also very difficult to lower a standard of living once someone gets accustomed to it.
