How To Secure Your Financial Future and Retire Early

Everyone wants to retire at an early age. Most people probably want to leave the workplace for good when they are in their 50s or even sooner.  But the big question is, can you afford it?  Can you secure your financial future and start saving for your retirement even when the economy is tough? 

The road to securing your financial future starts with financial planning.  Financial planning, in simple terms, is handling your personal finances to achieve your financial goals and secure your financial future.

Financial planning is challenging but it is not insurmountable. What’s needed is the perseverance and commitment to go through the process and knowing where to start.

The initial step in financial planning starts with your financial goals.  Formulate realistic, attainable goals. Having a goal will help you feel in control of your future.  It will motivate you to work hard towards achieving something.  An example of a realistic financial goal is to have to have saved enough money in your retirement savings and retire at the age of 55.

After formulating your financial goals, assess the current state of your finances.  Honestly look into your assets, liabilities, and investments. You have to be really thorough during this phase so you can move ahead in the financial planning process.

The next step is formulating the financial plan. In this phase, you need to identify your strengths and weaknesses.  For instance, if you have a high paying job and yet have problems keeping up with your finances due to heavy spending, then you should work on keeping your job while cutting down on unnecessary expenses.  Remember, your financial plan has to be detailed and doable at the same time. In this phase, you also work on developing sound financial strategies to help you achieve your goal.

Probably the biggest challenge when planning your financial future is in implementing your financial plan. To do this, reward yourself in small ways when you achieve per-determined financial milestones.  Learn how to motivate yourself when you encounter roadblocks and do not forget to track your progress. Knowing that you are getting there will encourage you to adhere to your plan.  

The final step in the financial planning process is working hard to stay on track in spite of changing goals or a disruption in your financial plan.  To overcome these challenges, re-evaluate your goals from time to time and adjust your financial strategies accordingly.

Financial planning is definitely not an easy task especially when you have your hands full juggling work and family responsibilities. This is why most professionals, especially those who have high-paying yet demanding jobs or those who run their own businesses, prefer to hire the services of a financial expert to help them manage their assets. 

Our investment team at INNOVATIS (Suisse) AG consists of professionals who specialize in asset management and structuring of financial products. Our wealth managers provide personalized support to our clients and are readily available to provide financial solutions tailor-made to the specific requirements of our individual and corporate investors.

If you want to grow your wealth and bring your business to greater heights, the INNOVATIS asset management team will be happy to assist you.  Our wealth managers will help you invest your way to securing your financial future so you can retire early. 

Erwin Lasshofer is the managing director and owner of INNOVATIS GmbH Austria.  He is a member of the board of INNOVATIS (Suisse) AG and supervises the investment team of INNOVATIS Entities.