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FP Article 22

Create Your Personal Pension Plan

by Rajen Devadason

I'm retired - goodbye tension, hello pension!

Anonymous

  Most people reading this will not be in the happy position of having a guaranteed pension waiting for them at the end of their 'working rainbow'! Even civil servants in many countries are being told that state-funded pensions are going the way of the dodo and the T Rex.

Bottomline: Each of us must take solo responsibility for creating our very own personal pension plan. Regardless of whether you like the sound of that or not, it is an undeniable fact that must be faced... squarely and bravely!

 

 

 

 

 

 

 



If you are under the age of 50, you stand a much better chance than older people do of being able to actually do something about this impending day of reckoning when the salary cheques stop coming. But even if you're 50 or older, there is still hope. In most cases, that silver lining is inextricably linked to a firm willingness to continue working long enough to fund a decent retirement.
 

This is an article on the importance of taking personal responsibility for funding our own retirement. I hope you enjoy reading it. But if it isn't what you're looking for, you're welcome to search for something that better meets your needs. Thank you for allowing me to serve you.

Rajen Devadason

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Here are three powerful ideas to help you begin the process of thinking yourself out of a possible severe retirement funding shortfall:

1. Add another string to your bow;

2. Realise no one else is coming to the rescue; and

3. Save like the dickens and invest wisely. 

 

1. Add another string to your bow

Examine your current areas of interest and figure out if there is any skill - actual or potential - that you possess, which holds the promise of being the kernel of a thriving, profitable business. Then, while retaining your current position, you should begin developing this sideline as a parallel pursuit.

This option is one that should be considered by regular employees and existing business people. You see, with lifespans stretching out, conventional retirement periods are also lengthening. In most countries, the only ones who are always 'permitted' to keep working as long as they want to are the fortunate ones who own their jobs and who aren't dependent upon the dictates of governments or corporations with an ironclad retirement age in their books.

Furthermore, if in all likelihood you are going to be working for many decades at this 'new' personal business, you really should pick something you love doing.

 

2. Realise no one else is coming to the rescue

There are still people alive today who believe the universe owes them a living. It doesn't. However, I do believe that the God who created the universe helps those who helps themselves.

You begin to do so by waking up to the truth that your future retirement can be as golden and as glorious as you wish... if you're willing to put in the requisite thinking, reading, planning and toiling to bring it into being.

 

3. Save like the dickens and invest wisely

To create a personal pension plan requires several ingredients. The single most important one is a tall pile of capital. In case you've never thought about such things before, that capital is only going to come from one place:

The portion of your current and future income that you choose to set aside and not consume immediately or worse yet squander on past excesses.

If you've never had any real guidance in the subtle art of saving, read this article. If that inspires you to think more deeply about what to do, then read this article and then take this invaluable eCourse for FREE.

Finally, as you begin this thrilling journey toward true financial maturity, remember to focus on strengthening your net worth statement. That will require beefing up your asset base and eradicating your debts.

Learn how to do those two things well and you will be 85% of the way toward truly creating your very own personal pension plan!

If you would like to immediately purchase a copy of my financial novel Liberty - From Debt-Slave to Money Master, you should still first read what others have said about it - here. Liberty teaches 2 powerful strategies for getting out of personal debt through the enjoyable (and interestingly linked) fictional stories of 3 young men who have made very different types of serious financial mistakes.)

Finally, if you're a Malaysian who is between 35 and 50, is very, very, very serious about life planning and financial planning, and if you want to learn more about my consulting services, you may do so here.

 

© Rajen Devadason

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Rajen Devadason, CEO RD WealthCreation Sdn Bhd & RD Book Projects
349, Desa Rasah, Jalan Bayan 7, 70300 Seremban, NS, Malaysia
Tel/Fax: +606 632 8955

 
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