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10 Ways On How to Retire Rich With a Normal Job

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how to retire richMost people don’t want regular jobs.

They want well-paying jobs, which they believe will guarantee their wealth later on in life.

This sounds like reasonable logic until you learn that the type of job you do doesn’t matter.

Lots of people with cool jobs don’t have anything to show for it even if they’ve been working for quite a while.

It all depends on you. Do you have a plan for your money?

Do you have a plan for your life?

If you have a goal, you’re less likely to splash your cash around unnecessarily.

Anyone can get rich, with some hard work and persistence, but the real challenge is staying rich. Temptations of unwarranted spending will always be there.

How you handle those temptations will determine whether you’ll grow financially, remain where you are or fall back into the pit of poverty.

What do you do for a living?

Regardless of how normal it may seem, let that be your saving grace. Use it as a catapult to push you to where you want to go.

Remember, optimism goes a long way to ensuring success.

If you’re the type that’s been spending money carelessly and it’s finally hit you that you need to change, don’t beat yourself up. There’s hope for you.

Here are some simple tips on how to retire rich with a normal job that will change your life and, most importantly, your finances.

1. Have a Bank Account

It may sound obvious, but you need to have a bank account. Having a friend keep cash for you doesn’t always work.

They may have a need and spend your money without your knowledge. Worse, unless they do have an account of their own, chances of them losing the cash are very high.

Storing your money at home in a piggy bank or savings jar doesn’t make things easier. The temptation to spend more than what you need is stronger if you have easy access to your money.

The best solution is to store your money in a bank account. You can access your account online or do it the old-fashioned way and open your account in a physical bank. The process of opening an account is fast and straightforward.

Keeping your money in a bank account has plenty of advantages. First, bill payment is a breeze. Most bank accounts are set up so companies to whom the account holder makes bill payments to can withdraw the money from the account.

This saves you, the account holder from having to pay for a money order.

Second, your money is safer in a bank account. A fire may start in your home or burglars may break in and steal your hard-earned money.

Deposits of up to $250,000 or more in a bank account are insured against loss by the federal government. This means that your money is safe no matter what.

Lastly, bank accounts like a savings account may offer you a small profit on your deposit. The bank will pay you a small interest rate if you permit it to use your money for investments.

2. Don’t Spend All Your Income

Managing your usual income may be easy. The real challenge lies in handling it when you get a raise. The mind starts racing and more often than not, the immediate response is spending the extra on stuff you don’t need.

You may think of it as a way of rewarding yourself for working hard, but what you’re doing in real sense is putting more pressure on your finances.

A better way to manage a raise is saving the excess for a rainy day and even better, for when you retire.

Though it may not be much, saving every time you receive a raise or get some extra dough will pay off in the end.

If you live alone, setting aside cash from your earnings should be a piece of cake. Ask a friend to help you out if it doesn’t come naturally to you.

Saving money is often difficult, but it can be easy if you’re using the right methods. Here are some tips to make it easier:

  • Come up with a budget. Identify how much you’ve earned and plan for it.
  • Track your expenses. This helps you know which costs you need to cut off.
  • Decide on what you’d like to save for.
  • Use the automated transfer method if your bank offers one.
  • Plan your priorities right.
  • Plan on saving money. Dedicate at least 10 to 15 percent of your income on savings after making a budget.
  • Stick to it. Your power lies in your mind. Decide to save come what may.
  • Use a savings app.

3. Pay All Your Debts

It’s impossible to save your money for retirement if you have debtors to sort out. That’s why you should temporarily cancel your plan to save for retirement and focus on your debts.

How many are they? What types of debt are they? If they’re simple ones that don’t need strategizing, strive to pay them off.

You don’t have to clear all of them at once. You could decide to knock off a single debt each time you receive your salary until you’re done.

For larger debts, like student loans and credit card debt, you need to put in more effort. Try these practical ways to get out of debt faster:

Get a Side Gig

It’s easier to attack your debts and finish them if you have a substantial amount of money. If you’re not earning enough at work, there’s always the option of getting a side job. Choose your side job based on your talent or skill.

Pay Much More than the Minimum Payment

One of the most effective ways of clearing your debts faster is to pay more than their minimum monthly payment. This helps you save on interest all through your loan’s lifespan. Plus, it also speeds up the payoff process.

Sell Stuff You No Longer Need

There must be some old furniture in your basement or clothes you don’t wear anymore. Whatever it may be, clean it up and sell it, either online or in your garage if you live in a neighborhood that allows garage sales.

4. Buy Less than What You Can Afford

There’s a pleasant feeling in buying items that you can afford. You’re living within your means, yes, but how about taking it a step further? Buy items that cost less than what you have.

Whether it’s a car or a house or whatever else you want to buy, always look for an item that is less costly.

One of the factors that can act as a guide to you is the size of your family if you have one or your personal preference.

Don’t focus only on large things. Even the basics, such as shoes and clothes matter. Go online and do some research on prices before purchasing anything.

There are a number of ways that you can use to tell when you’re spending more than you should be.

  • Any item that you purchase and later forget that you own after a short while is a clear sign that you didn’t need it in the first place.
  • When you overuse your credit card. A credit card is a super way to buy stuff fast, but frequently using it could attract debts.
  • When you don’t have any savings. Savings are an excellent back up for the future. If you don’t have some, that should be a cause of alarm.
  • When you’re not keeping track of your expenses. Every dollar should count. And your aim should be to set aside as many of them as you can.

5. Buy Only What You Need

People often mix up ‘needs’ and ‘wants.’ To some of them, they’re the same thing. They may sound similar, but they aren’t.

A need is something that you require to survive like clothes and food. A want, on the other hand, is something that you can do without, but you’d like to have. Cellphones, cars, and TVs are good examples.

Wants can be needs at times too. If you work in an office, for example, or if you’re a freelance writer, a computer is a need for you. It helps you to earn your income.

To be on the safe side, you need to identify your needs and wants. Put all your items together and determine those that you need and those you don’t.

Once you’ve identified items that you don’t need, you can sell them or give them away. Many of the things can take up unnecessary space in your home. Alternatively, you could choose to focus your income on your needs alone.

A simple way to determine whether you need an item is by applying the 30-day rule to it. Wait for an entire month before buying it. That’s a great way to control the urge you may have to buy it.

During this period, take your time to think about that item and if it adds any value to you. When the 30 days are up, you may lose the desire to own it. If you still feel you want it, buy it.

6. Invest

Whether you’re a beginner or an expert, investing is one of the riskiest ways of getting more cash. You never know if things will work to your favor or if you’ll suffer a loss.

However, the expectation that comes with wise investing should be your motivator. Everything good has a cost. If you want to enjoy an early retirement with loads of cash, you need to play your cards right.

This can be hard if you’re new to it, but don’t sweat. Before getting into the investing game, you first need to review your goals and needs. You need to be a risk taker and know what you plan to achieve from the investment.

Also, understand the risks before investing.

Next, think about how soon you’d love to get some fat returns. This helps you to come up with the appropriate time frame and strategy that you’ll use.

Later on, come up with an investment plan. It’ll help you spot a product that suits your budget.

It’s always best to begin with low-risk investments like Cash ISA. If you feel that you’re up for it, raise the bar. Add investments of medium risk such as unit trusts.

Go for higher risk investments if you’re ready to accept the possibility of losing money and after you’ve built up low and medium-risk investments.

Fourth, put more variety in the risks you choose. This is a sure way to increase the chances of your success in investments.

Lastly, decide how hands-on you’d love to be. If you have a small amount of money to invest, and if you don’t want to be hands-on, go for investment funds like Open Ended Investment Companies.

7. Cut Down On Costs

Saving money when you have a regular job is close to impossible if you’re living on a tight budget and expenses seem to be increasing by the day.

Most times, you may feel discouraged and want to give up on the idea. Don’t throw in the towel just yet. Take a look at your expenses.

There are some money saving ideas that you can implement, like canceling cable and taking lunch to the office. However, they may not be enough to create a significant impact.

Aim for larger expenses like house costs. If you’re a tenant and the house you’re living is too large for you, consider moving in with your friends or moving to a smaller home where you pay less rent.

If you have your own home, focus on your mortgage. Determine if refinancing it for a lower rate would be beneficial to you.

Before making this crucial step, you need to ensure that you know all about refinancing and what it involves.

Generally, a refinance extends the loan term and provides a reduced monthly payment. Are you ready to accept that it’ll take you longer to pay the loan? If yes, this is the ideal pick for you.

Ensure that you ask around or do some research online for the best deal before choosing a specific person in this field. Some people may help you to get a refinance, but some may charge more than others.

You could rent out a parking spot or extra room if you live in a large house for additional income.

8. Find the Right Employer

With the drastic drop in employment opportunities today, many people are settling for any job, as long as they’re earning a living from it. They don’t put much consideration on their ideal type of employer.

Job opportunities are scarce. But that doesn’t mean that you should be okay with working for just anybody. Your preferences should matter.

If by chance, you land a job that you’ll want to keep for a couple of years, you need to understand what you want in an employer. You also need to know what to expect from the job to enjoy your time there.

While figuring out which employer is best for you, ask yourself:

  • Whether you like working as a team or on your own
  • What kind of corporate culture appeals to you
  • How important salary is to you
  • How long you’d like to work for your employer before getting another job
  • Do you prefer an open office or one with a door?
  • Which one works for you: stability or change?
  • What work-life balance do you prefer? Is it okay if you receive emails from your boss late at night?
  • Which benefits would you want to have?

Additionally, when determining your ideal employer, remember you’re figuring out what makes you happy and comfortable.

They need to have your best interest at heart. Choose one with a sound retirement plan.

Employers who offer a 401k match are okay. But, those who provide a pension that makes a lifetime stream of income in retirement are way better.

Most employers have stopped offering these benefits. However, there are companies that provide them to new hires.

9. Hire a Financial Advisor

Don’t take any chances if you have zero or little experience in financial matters.

Getting financial help from a professional may not be a total guarantee that you’ll retire rich. But, it’s the right decision to make if you want to increase your chances.

A financial advisor has the skills to assist you to come up with a detailed financial plan and stick to it.

Plus, they examine your financial health and offer you guidance towards financial stability. If you’re thinking of investment, they can identify market risks easily. And, they can help you to make appropriate investment choices.

They’re a big deal. Therefore, you need to go for the right one. Here are some factors you should consider when choosing a financial advisor:


Choose an advisor that has at least five years of experience in the field. They must have the required experience with your asset level to take care of and understand finances in a better way. Plus, they should help you identify any potential risks in your finances and help you avoid them.

Educational Background

What’s their level of education? Have they attained degrees like Chartered Financial Analyst (CFA), an MBA in Finance and Chartered Accountant (CA)?

Licenses and Certification

They may have the education and experience, but if they don’t have the certification and licenses to verify and back up their skills, they’re not worth the risk. They should have certifications like IRFA, AMFI, and SEBI.

Level of Honesty

You want quality services and to make it to your financial peak. To achieve this, you need to have a reliable and honest advisor on board. If you’re taking the wrong direction or if your financial health is poor, they should let you know and help you to improve.

10. Ask Your Employer for a Raise

If you have a job, congratulations. How long have you had it? If it’s been a while, you need to weigh your options on how you can increase your salary.

Consider asking for a raise. Of course, raises aren’t given to just any employee. There’s a procedure you need to follow if you’re hoping to get that raise.

First, show that you deserve it. Your chances are higher if you take your work seriously, provide excellent services, and always arrive on time.

Second, do your research. Find out the financial state of the organization you work in. If it’s in bad shape, it may not be the right time. Also, research how much your fellow employees are earning. If they earn more than you, it’d be reasonable to ask for a raise.

Third, prepare a strong case that explains why you deserve the raise. Be as convincing as you can be.

Fourth, have a number in mind. How much would you want to be paid? Remember to be reasonable and work with the information you’ve gathered.

Fifth, if you’re having doubts on your timing, you can always reschedule it for a future time. In the meantime, keep track of your performance and gather any other type of detail you’ll need. Ask your boss what they expect of you if you can.

Finally, if you’ve stated your case and your boss declines your request, have other options in mind. Maybe some time off or tuition reimbursement.

You may also decide to try asking for the raise at a later time when you’ve done more research.

Normal Doesn’t Have to Be Hopeless

Whether you work in an office or you’re self-employed, having a job is one of the things you should be grateful for.

You should also be grateful that you’re earning a living — many people long for what you have.

That said, there’s no such thing as a normal job if you’re hoping to retire rich. Your job is as important as any other job. No matter the amount you’re making, it’s possible to use it to make your future more enjoyable.

Use the blessing of a job that you have, apply the practical tips in the article above, be persistent, and you’re well-armed to retire with a smile.

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