If you own a home, you may be wealthier than you think. The equity in your home could be one of your largest assets, especially if your mortgage has been paid down over the years or paid off. This home equity can be a valuable source of extra income during your retirement years.
Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire. It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like.
Correct financial planning can help you pursue a variety of monetary goals, in addition to your desire of living out a comfortable life during retirement. Unfortunately, because the average individual only views financial planning through the lens of retirement, they in turn miss out on other opportunities that will set them up for financial independence.