5. Become An Average Investor
You don’t need to be a financial expert on Wall Street to retire comfortably. According to the survey, 64 percent of supersavers consider themselves average investors. An average investor is someone who has a basic understanding of investment concepts. They know about index funds, mutual funds, stocks, bonds, and have a general understanding of the stock market. Additionally, 18 percent admit to being beginner investors with limited knowledge of investment principles. Lastly, 19 percent consider themselves knowledgeable investors who are well-versed in investing.
As you can see, you can still achieve your retirement savings goals with only a basic knowledge of investing. To ensure you save for retirement effectively, we recommend reading finance-related articles, personal finance articles like this one, and maybe a few books to gain a better understanding of the investing world.
6. Check Your Bank Account Often
Another important habit to develop is regularly checking your accounts, especially your bank account. It’s a common problem that many people are not fully aware of how much money they actually have. They often believe they have more money than they actually do.
Checking your bank account regularly helps you stay grounded and focused. Once you know how much money you have left, you can determine if you need to save more or if you can afford to pursue other plans.
According to the survey, 86 percent of respondents somewhat or strongly agreed with the importance of checking their bank account regularly.