Ditch those excuses
People come up with all kinds of excuses why they are not part of a retirement savings plan even though they can afford it. You can understand someone who is struggling to feed a tribe of kids on a modest income not being able to afford to join a retirement scheme but you do hear of people from time to time saying that they are not enrolled in one. New Zealand’s scheme is called “Kiwisaver” and I have heard a lot of different kinds of excuses as to why people are not enrolled. Here is sample.
“I am not earning enough money.”
The person who made this excuse has money to spend on a lot of other things such as Sky TV subscriptions and all of the other consumer able items that are not essential to survive.
“I have bills to pay.”
This one is similar to the previous excuse. People are quite prepared to purchase stuff with borrowed money but apparently think “Financial advice” is a dirty word.
“I might die before I retire.”
The person who made this statement does have a kiwisaver account but is an irregular contributor and is not making the most of it. He is missing out on the government tax credits. Yet is spending money on collectable items which he has stored up in the attic. That could be his retirement fund. He may not take his retirement fund with him but will not take his collectables with him either.
The “You can’t take it with you” excuse is one of the most common excuse given for not saving for one’s retirement. It is basically a selfish attitude to have since you are going to lumber your family with a big bill when you die.
“The Government might sell kiwisaver.”
This is the most stupidest reason for not going into kiwisaver because kiwisaver is the name given for New Zealand’s retirement scheme. It is not owned by the government. Each person who has kiwisaver is the owner of their own account. I tried to explain this but the person who made this comment instead of listening then confided in his colleagues who were just as financially illiterate and they came out with more stupid comments. That just goes to show that people tend to hang out with those who are like minded. If you want to get ahead then associate with those whose lives are heading in the same direction as you want to go.