7 Ways To Prepare for Retirement

Retirement Vacation Time

7 Ways To Prepare For Retirement 

We’ve simplified the process of planning for retirement. It is a frequent desire is to retire comfortably and early. Taking the first steps toward your goal in retirement doesn’t have to be difficult.

To get started, follow these seven basic steps: Getting a good start, making advance preparations Learning about your employer’s pension plan while not affecting your retirement money Two of the most essential things you can do to better your financial condition are repaying debt, increasing your net worth, and talking with financial professionals. TheFinRoute https://www.thefinroute.com/ makes connecting with experts who can guide you through all you need to know about retirement planning easier than ever before.

1. Make an Early Start

Decide how much money you want to put aside for retirement each month. This is distinct from your savings and should be completed prior to dealing with your costs (groceries, bills, etc.)

2. Plan Ahead

Retirement may be costly, especially if your income is limited. Knowing what you’ll need throughout your retirement years and planning ahead helps you to see what you’ll need to start saving for right now. Medical costs, travel costs, and housing costs must all be factored into your monthly expected and unexpected expenses in retirement.

3. Learn about your Employer’s pension plan

Be sure to verify whether you are qualified and registered in any pension plans offered by your employer. Make sure you know how the pension plan operates and what advantages you’ll receive. If you’re thinking about moving jobs, find out what happens to your pension benefits and what perks your new company offers. Finally, if you are married, make sure you are aware of the advantages provided by your spouse’s pension plan.

4. Don’t touch your retirement savings

If you take money out of a pension plan before retirement, you will not only lose the money you take out, but you will also lose out on the interest you should be earning as well as any tax advantages you may be entitled to. If you change jobs, roll your funds into your new retirement plan or, if you have the choice, leave them invested in the previous plan until you’re ready to retire.

5. Pay off your Debts

Paying off existing debts before retirement allows you to spend your money (even if it is reduced) on the things that are most important to you at the moment. In the long term, paying off a house or vehicle debt before retiring will benefit you.


6. Grow your net worth

Finding methods to invest your money (in a business, real estate, or the stock market) might help you increase your net worth and attain your retirement objectives sooner than you thought. Make sure you’re aware of the dangers associated with every investment you make and how much you’re prepared to sacrifice in exchange for a larger return.

7. Speak with Advisors

There will always be value in getting the guidance you require to attain your objectives. Make sure you can reach out to financial experts and learn more about what they have to offer. Work with the adviser who best matches your requirements to reach your retirement objectives.

For additional information on how to save for your retirement, check out https://money.usnews.com/money/retirement/401ks/articles/steps-to-take-when-preparing-for-retirement as well as https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf 

For more help on managing your finances and overall financial health, visit https://www.thefinroute.com/


How to Start Investing?

Start investing in the US stock market

“How to start investing” is a major and typical question when it comes to investing.
There are a few areas we should look at when you start your investing journey to make sure you’re on the correct track. Here are a few things to think about:

* Why are you investing?

* What should you do first?

* How much money do you put into investments?

* How much risk are you willing to take?

* What kind of investment should you make?

Investing your money is one of the most effective methods to increase your net worth and wealth. One of the secrets to good money management is to make your money work for you. To connect with experts who can help you along the way, visit https://www.thefinroute.com/.

1. Why are you investing?

Your initial response may be, “To make money,” but there is more to this topic that you must consider. Understanding WHY you are investing (for your future, to purchase a house, to pay for education, to provide stability for your family) is critical in deciding what sort of investments to make.

It also assists you in determining your risk tolerance (how much you are willing to lose). If you’re looking to make more money in the next two years so you can purchase a vehicle, you’ll make a different investment than if you’re looking to invest for your family’s future in the next 20 years. It’s just as essential to know why you’re investing as it is to know what you’re investing in.

2. What is the first step?

What matters is that you are financially prepared to invest your money.

Begin by ensuring that you have an emergency fund. This is money that you will set away from your investing funds. Investing in mutual funds, equities, real estate, or a company all carries risk. A decent emergency fund allows you to cover six (6) months of expenditures, but you don’t need to set aside this much money before you start investing; just enough to meet unanticipated needs if they arise (example: Vehicle repair, medical expense).

Once you’ve built up your emergency fund, make sure you pay off any high-interest debt you may have, such as credit cards or high-interest loans. If your investment yields 10% but your credit card interest rate is 18%, you will lose money paying off your creditors in the long term.

3.How much should you invest?

You don’t need a huge quantity of money to get started investing. There are a variety of alternatives accessible to all sorts of investors with varying amounts of money, ranging from $100 to $1,000,000. If you have $100 to $1000 to invest, there are a variety of choices available, including mutual funds and credit unions that sell shares in that price range. If you’re looking to invest between $50,000 and $100,000, there are asset management services that can help you make the most of the money you have. The most essential thing is to make sure you understand the investment you’re making or is being made for you.

4.What is your risk tolerance?

Risk tolerance refers to the amount of risk you’re prepared to take in order to make a profit. The majority of first-time investors make the mistake of focusing solely on the amount of money they can make. Experienced investors concentrate on determining how much they may lose and if the risk of loss is worth the investment.

Here’s an example:

Let’s assume a money manager A made 15% on his client’s stock portfolio, but the portfolio manager lost 5% on the road to earning his return. Portfolio Manager B, on the other hand, earned the same 20% return, but he lost 10% along the way. New investors may be solely concerned with the return and select Manager B, but a seasoned investor might select Manager A. Manager A was able to return 3X (15 percent return / 5% loss in the process = 3X) the amount of risk he took to obtain it, whereas Manager B was able to return 2X (20 percent return / 10% loss in the process = 2X) the amount of risk he took to get it.

Try to understand how much you can lose on each investment you make vs the possible return with this basic example. It’s known as the Reward to Risk Ratio. Possible Profit/Potential Loss Look for assets that are three times as risky as you are prepared to take.

Also, if you want to make it easier on yourself, simply ask yourself, “Am I prepared to lose this much money in order to get a return on my investment?” It has the potential to save you a lot of money.

5.What type of investment should you make?

Now that you know what to do first, why you are investing, your risk tolerance and how much you want to invest, you can look at the different types of investments (investment vehicles) available to you.  The following are four investing sectors worth learning about:

  • Stocks – Stocks are investments in other firms’ future earnings. When they succeed, you benefit as well.
  • Bonds – Companies and governments borrow money from you and repay you with interest. Bonds are a low-risk investment that investors should consider.
  • Index Funds – A mutual fund that allows investors to participate in the broad general market rather than a single stock inside the market.
  • ETFs (Exchange Traded Funds) – ETFs (Exchange Traded Funds) are similar to stocks in that they track a certain index, industry sector, commodity, or other asset that the investor wishes to invest in.

See the following sites for additional information on the many sorts of investments you may become involved with and select from:

Stocks:  https://www.investopedia.com/terms/s/stock.asp for further information.


Bonds : https://www.investopedia.com/terms/b/bond.asp

https://www.investopedia.com/terms/i/indexfund.asp Index

Fund: https://www.investopedia.com/terms/i/indexfund.asp


ETFs: https://www.investopedia.com/terms/e/etf.asp

Visit https://www.thefinroute.com/ for additional information, answers to financial questions, to connect with professionals, and to reach your financial objectives.

How to register a business in Trinidad & Tobago?

Close-up Of A Person's Hand Stamping With Approved Stamp On Text Approved

Steps to Register Your Business

The process of registering your business in Trinidad & Tobago is facilitated by the Ministry of the Attorney General and Legal Affairs. After you’ve decided what kind of business you want to start, you’ll need to create a ttconnect ID and then finish the TTBizLink registration procedure.
Register for a TTconnect Account herehttps://www1.ttconnect.gov.tt/itim_expi/selfregister.jsp  
How to register for TTBizLinkhttps://www.ttbizlink.gov.tt/trade/tnt/html/HowToRegister.html 

Types of businesses to register:

  • Sole Trader
  • Partnership
  • Limited Liability Company
  • Non-Profit Company

To register your business/company, complete the procedures below using TTBizLink:


Log in to www.ttbizlink.gov.tt using your TTbizLink ID and password.


Subscribe to e-Company Registration by
selecting the e-company registration service from the Main TTBizLink Services
how to register a business - step 2


When you’re inside, To start the company registration procedure, go to ‘Name Search.’
how to register a business - step 3


Once the name you want is available, go to the ‘Name Reservation’ area, select ‘New Application’
How to register a business - step 4


Fill out the appropriate details and specify whether it is a Business or Company. Once all fields are completed click ‘Submit’.
how to register a business - step 5


To pay for your name reservation, go to the Companies Registry Payment Portal. To complete the payment, you’ll need your TTBizLink Application Reference Number and a valid credit card.


You will receive an email confirming the name reservation approval or denial and instructions on how to register/incorporate your business if approved.


Once your business name is approved, it is time to register! You must click ‘New Application’ in either the Business Registration (Sole Traders and Partnerships) OR Company Incorporation (limited liability firms) and fill out the relevant fields AND  make the relevant payments. 
how to register a business - step 8


You will receive an email confirming the approval of your Business Registration/Company Incorporation. To pay for a Business Registration/Company Incorporation, go to the Companies Registry Payment Portal. To complete the payment, you’ll need your TTBizLink Application Reference Number and a valid credit card. Sole trader businesses pay $350.TTD Limited Liability Corporations pay $520.TTD


After receiving notification through email or phone that your Company Incorporation/Business Registration Certificates are ready, you will be required to print the relevant documents to be submitted physically at the nearest Ministry of Legal Affairs office.

To visit the Ministry of Legal Affairs office schedule an appointment online using the Ministry of Attorney General and Legal Affairs’ Online Appointment System. To book an appointment visit https://appointments.gov.tt/
how to registered a business - step 10

Sou-Sou vs Pyramid Scheme

Sou-Sou vs Pyramid Scheme

A Sou-sou is a group of people who agree to pool their financial resources, such as savings, by contributing to the pool on a regular basis. Pyramid schemes, on the other hand, take place when top-level members recruit new members who pay a fee up the chain.


A Sou-sou is a group of individuals who decide to pool their financial resources, such as savings, by making regular scheduled payments to the pool in an agreed-upon amount. These payments can be made once a week, twice a week, or once a month. The group’s pooled funds are subsequently distributed according to an agreed-upon schedule to each or selected members of the group. This distribution/payout plan is crucial because it guarantees that everyone in the organization gets their fair portion on time..

Pyramid Scheme

In a pyramid scheme, top-level members recruit new members who pay upfront fees to the people who enrolled them. New members will then recruit newer members, and a percentage of the fees they earn will be transferred up the chain as well. A pyramid scheme is a method of moving money from the bottom of an organization to the top.

Key Difference

The bulk of pyramid schemes make money through recruiting fees and rarely try to sell valuable goods or services. A real sou-sou, on the other hand, pools the funds of its members with a guaranteed agreed-upon payout schedule for each member, ensuring that everyone profits throughout the life of the sou-sou’s existence. 

Key Issue

Pyramid schemes aren’t meant to be long-term investments. It will only work if the bottom level (New Recruits) remains broader (in number) than the upper levels. The entire pyramid will collapse if the bottom level begins to decrease (fewer individuals are recruited). A pyramid cannot be sustained indefinitely or even for a long time due to simple mathematical rules. People who have donated their hard-earned money will eventually lose it somewhere along that pyramid.


Sou-Sou and pyramid schemes are not the same thing. You should take not of anyone who asks persons to join a program in which they must pay money and recruit others in order to earn money should be taken seriously. This is the most obvious indicator that you’ve been lured into a pyramid scheme that will eventually fail. Do your homework before entrusting your hard-earned money to a scheme you don’t completely comprehend.

5 Reasons To Invest Your Money

$ investment written on a green chalk board

5 Reasons to Invest Your Money

One of the most important functions of money is INVESTING. But why are you investing it?
You should invest your money to grow your money, prepare for retirement, accomplish financial goals, access new opportunities, and invest in others. Here are 5 reasons why you should invest your money:

1. To Grow your Money

Usually, the most common reason people invest is to grow their money. However, most people fail to set a target for that growth or fail to learn about the associated risks. These two factors will guide your decision-making process with the choices you make with where you put your money to grow.

2. To Prepare for Retirement

Throughout your working years, you should be preparing for your retirement. Here are some different investment vehicles of investing  that will help you prepare for your retirement:
– Stocks
– Bonds
– Mutual Funds
– Business opportunities, or
– Real Estate.

The aim here is to develop a group of investments that can pay you as your phase out of the workforce and begin your retirement.

3. To Accomplish Financial Goals

Investing your money can help you reach major financial goals a lot faster than using your savings account.
Goals such as purchasing your first home, buying a vehicle, paying for college/university, or the capital needed to start a new business, all are attainable through the help of proper investments.

4. To Access New Opportunities

Sometimes new opportunities for business or investments arise. To take advantage of these opportunities, you need to be well prepared in advance. Having a working knowledge of how other investments you’ve made and the lessons learned, can help you access new opportunities for investments in the future. Also, learn the type of risks you are willing to take to gain higher returns.

5. To Invest in Others

Being able to invest in yourself and earn more money comes with a level of responsibility but also brings a privilege. Being able to invest in others and the development of your family, community, and society is a privilege and is the highest level priority for successful investors. Being able to invest in others creates the opportunity to create meaningful change in the world around you, helping to create the world you want to live in.

You can visit https://www.investopedia.com/ask/answers/why-should-i-invest/  for more reasons you should invest your money.

How to Save Money?

Saving Money putting coins into a jar.

How to Save Money?

Whatever the reason, learning how to save money is essential for your personal financial health. It is critical to your financial stability to have access to cash without the need to borrow.

Here are some tips for building a better savings habit: Review your monthly expenses, Budget your income, Set savings goals, Research financial tools, Automate your savings, and Monitor and review.

  • Review your monthly expenses.

Each month, you will have both fixed and variable expenses. Your fixed expenses are unlikely to change, but your variable expenses are critical to identifying opportunities to increase your savings.

  • Budget your income

After taking note of your expenses, budget for your weekly/monthly savings. Your recorded expenses should help you understand your monthly income and expenditure profile. Based on this you can locate where you can cut your expenses and put that unspent cash toward your savings plan. Note: (Not eating out as often and canceling subscriptions to unnecessary services can be significant money savers)

  • Set savings goals.

These will be different for everyone, but they will guide your savings process. Creating a financial plan can help you outline your savings goals. Short-term goals such as saving for a vacation, creating an emergency fund (covering 3-9 months of your expenses), or a down payment for a car are achievable in 1-3 years depending on how aggressive and disciplined you are with your savings. Longer-term goals such as saving for a home down payment, your child’s education, or saving for retirement may call for less aggression but more consistency over a longer period of time.

  • Research financial tools

Research different financial savings plans. Aside from your usual savings account at your bank or credit union, there may be savings accounts with higher interest rates or more flexibility that can benefit you outside of simply setting aside your savings each month. Higher interest rate accounts can offer you more return on your savings. Insurance savings policies not only allow you to save money but benefit from insurance coverage in the process. Getting advice on these financial tools can give you additional benefits on your savings plans.

  • Automate your savings

Automate your weekly/monthly savings. By having a predetermined amount of your income automatically sent to your savings account(s) you don’t have to think about the temptation of spending your money that has been reserved for a purpose. This can help make it easier to create the consistency you need over time and help you reach your savings goal within your planned time without delays.

  • Monitor and Review

Ensure you are sticking to your plan. No matter the goals you have, the method you take, or the savings tools (account type) you use, monitoring your progress and ensuring you are on target is important to your success in both the short and long term.

Building your savings doesn’t have to be a difficult process. You should ensure you do it in a way that is sustainable for your needs. This will make it easier for you to meet your savings goals across time. TheFinRoute can connect you to financial advisors to help you develop the financial skills you need. The easier they become, the easier it is to stay on course and keep focused on achieving your goals. 

For more tips on saving money, click here.