No matter how hard we work to achieve a goal, sometimes we feel as if it is not enough. The same goes for saving for retirement. It may not seem as if it is enough today, but it will be in the future.
When you feel as if where you are today is insufficient, allow those feelings to fuel your determination. Insecurity is a great motivator for you to create real change today in your financial life.
Use negative emotions like feelings of inadequacy to your advantage. Use these emotional states as a sign that you can do better. Then, motivate yourself to create that change.
Focus on your future retirement Instead of focusing on where you feel you should be today when it comes to saving for retirement, set goals for tomorrow on where you want to be. It could be as simple as transferring as little as $5 into your Tax-Free Savings Account.
I once had a friend who would transfer money into her savings account in the store every time she made a decision not to make a purchase. The next time you go shopping and refuse to buy something that you really didn’t need, open your phone and transfer that cash into your retirement fund instead.
When you go home, research some great stocks to buy. Here’s one great stock to buy with the money you save.
AirBoss of America Corp. AirBoss of America Corp. (TSX:BOS) is a great stock to buy for your retirement. It is a top defence stock with government contracts all over the world. While the COVID-19 health crisis impacted the firm’s rubber business, Airboss’ Defence Group signed a lucrative contract with the U.S. government to provide personal protective equipment in March.
On August 10, Airboss reported second-quarter earnings and had this to say about the impact of COVID-19 on the company’s finances:
“Our record results for the second quarter and first half of the year reflect our rapid ramp-up and successful delivery against the FEMA contract that was awarded at the very end of the first quarter,” said Chris Bitsakakis, President and COO of AirBoss of America. “Airboss’s Defence Group’s excellent performance is helping provide a financial offset against some of the COVID-19-related challenges we are experiencing in our Rubber Solutions and Engineered Product businesses.”
Financial highlights from the period include record quarterly EBITDA and increases in both diluted EPS and free cash flow. Airboss shareholders watched EBITDA surge by 173.9% over the second quarter of 2019 to $25.6 million.
Moreover, the adjusted diluted EPS grew by 125%. Free cash flow increased by $32.6 million to $24.5 million for the six months ending June 30, 2020.
Set retirement goals If you are interested in buying stocks like Airboss to fund your retirement, then you are on the right track. Saving money can be hard especially when there are so many temptations around us.
The next time you feel insecure about your finances, take the opportunity to think calmly about what you can do to improve the situation. We all worry about money at one point or another. The good news is that you do have power over your finances even if it seems difficult at times.
The post Set Firm Goals for Your Retirement Dreams appeared first on The Motley Fool Canada.
Fool contributor Debra Ray has no position in any of the stocks mentioned.
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