For
most people, the word "retirement" brings to mind feelings of
relaxation and rest ... days spent lounging by the pool or playing bingo in a hall
of other senior citizens may come to the imagination. However, Freedom Debt
Relief has found that some retired couples are looking for more when they
finally leave the corporate world. Enter Shirley and Dan Frye, a retired couple
that managed to save up $20,000 to take on the ultimate retirement adventure: biking across South America. According to an interview with the Frye couple
published by USA Today, their biking tour (which lasted about 5 and a half
months and covered over 8,000 miles) took a lifetime of good financial
decisions to culminate in a long trip that wouldn't put their financial future
or their retirement style in jeopardy. Freedom Debt Relief wants you to be able
to save for the future that you want, so we've found the best financial lessons
from the Fryes that you can use to start saving for your dreams as well!
Whether you want to retire to a tropical island or you're looking to save up to
buy a boat or motorcycle, try applying some of these tips to your own life ... and
watch your money grow!
Take
advantage of company match programs. For years, the Fryes were able to grow their 401(k) plans at rates
that they wouldn't be able to on their own by taking advantage of their
employer's company match program. Freedom Debt Relief has found that most major
employers offer some kind of company matching program for making contributions
up to a certain percentage of your income. Consult with your company's human
resources department and see how much, if any, your employer is willing to
match contributions to your retirement account contributions- and take
advantage of it up to the maximum percentage for what's essentially free money!
Devote
your money to free yourself from debts. The Fryes paid off their mortgage early by
devoting all of their excess cash towards their mortgage payments. Whenever
they got a raise or holiday bonus, they would take that money at pay an extra
$500 to $1,000 toward their mortgage to pay off their home exceptionally early.
While not everyone can put away that much money towards their outstanding
debts, Freedom Debt Relief recommends that you prioritize putting as much away
as you can to reduce your interest payments, which can help you save money in
the long-term.
Travel
smarter. If
your dream is to see the world like the Frye couple did, Freedom
Debt Relief
recommends getting on the trail faster by employing smart travel strategies
that will help you save along the way. Consider researching the off-season for
the country or state that you would like to visit, as accommodation and flights
are usually much cheaper than peak rates. Instead of staying in hotels, smart
travelers also are now choosing to stay in hostels or AirBnb home shares to
reduce the financial burden of their travels. For world travelers, open-jaw
flights (in which you fly to multiple countries on a single trip) is also a
great way to save if you're interested in visiting the entirety of a single
continent.
The
best lesson that you can learn from the Fryes? If you want to achieve your
dreams, you need to feed your passions and starve the distractions in your
life. By taking time to create a reasonable budget, planning ahead to pay down
debt, and living modestly, anyone can work towards achieving their dreams-
while also building a financially responsible future.
