Hi everyone,
Here's your Monday edition...
Finance tip: Planning
Calculate what you'll need in retirement. Ideally, this should be done with a financial planner, but you can get a pretty good idea by doing it yourself. Here's a simplistic breakdown: Estimate what you'd like to live off of monthly once retired (and decide roughly what your retirement age will be). Are you wanting to live more thriftily once retired, or spoil yourself? Will it be based on a percentage of your forecasted final salary? Remember to take inflation into account for what goods/services will cost in the future, and don't forget that you will likely have higher medical costs. Once you've done this, calculate what lump sum would provide you with your desired level of income. This number is then your goal to save towards, so get cracking!
Business tip: Staff
Recruitment. While most businesses are cutting back on their staff bills during the financial crunch, remember the saying of "When there's blood on the streets, buy." This could well be the time to "buy" staff. Many companies, focusing on the short-term, are letting premium employees go to save costs. Take a long hard look at your finances, and see if there's not a way to take on one or two extra staff. There are now thousands of top-drawer candidates out there, with a wealth of experience and insight, desperate for work. You might be able to bring an absolute super-star into your team, ready to make the most of an opportunity to grow your business, and get him/her at a bargain price!
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