This is National Save for Retirement Week. In honor of that, I’m throwing down the Hogan Savings Challenge. I want you to pick one of the following tasks, complete the activity, and take a picture of your action. Then post that snapshot on social media with these tags: #NS4RW @chrishogan360.
If you’re up for a harder challenge, then complete more than one task!
1. R:IQ Snapshot
You can’t move toward a goal until you know what it is. If you don’t know your R:IQ—the amount of money you’ll for retirement—then go to chrishogan360.com and take the quiz. Once you know your retirement number, click Dream Team to connect with a SmartVestor Pro to create a plan to reach your R:IQ.
2. Home Restaurant
Eating out can gobble up your retirement savings! The average household spends over $3,000 a year on eating out. That’s $250 a month! If you invested that money over 20 years, you’d have almost $150,000 (assuming an 8% rate of return). Invest for 35 years, and you’ve got over $550,000. Did you just lose your appetite?
This week, opt for eating in and make a fun meal out of the food that’s sitting in your pantry and freezer. If you have kids, include them in the challenge. Let them dress up as waiters to serve the food and let them bring you the bill. Older kids can help cook. The money you would have spent goes in your retirement fund. In your picture, show me the meal you enjoyed and the money you saved!
3. Drive By, Not Drive-Through
How much do you spend at Sonic or Starbucks? And how often? That soda or coffee once a week is okay, but fast-food restaurants serve 50 million Americans in a single day. Save that money this week and drive by instead of driving through. When you get to your destination, take a snapshot of the drink you brought from home—and smile because you’re saving money for retirement!
4. Cut The Cable
Traditional TV services like satellite and digital cable can easily top $150. That’s a lot of money in your budget, especially when realize how much time you don’t spend in front of the TV. Cut the digital cord. You’ll be surprised how many channels you can get in HD with a cheap antenna or streaming service. You’ll also discover how much you can enjoy life without those shows you thought you just couldn’t miss. That extra money can make a huge difference in your retirement fund!
5. Take a Hike
Leisure activities have become expensive. At one time, a fun weekend involved fishing with your dad or hiking at a nearby state park. Even a movie could be economical. Not so today. A night at the movies with my family could cost more than my first car!
Tell those expensive outings to take a hike. Ditch those expensive hobbies and activities for a month and opt for less expensive options like a weekend campout. And don’t forget to take a picture and post it on social media with our challenge tags.
Remember, the amount of fun isn’t determined by how much money you spend.
From this moment on you can kick up your retirement savings into high gear. It’s time to forget past mistakes and start making changes. Where you are now is your new starting point. Put that proverbial stake in the ground and determine that this week, this day will mark a renewed commitment to retire inspired!