David Giertz David Giertz is a businessman with more than 30 years experience in the finance industry. He is the current CEO of Nationwide Financial’s sale and distributors organization. He has run different business organizations successfully, and he also has firm plans of operation which has led to an increase in the cost of the asset to $17.8 billion from $11 billion. This growth in the capital base and the expansion of the Nationwide Financial’s sales and Distributors organization is one of the reasons why the famous businessman earns global attention and respect. Recently, he proposed the ways through which young men can increase their retirement benefits through saving. These skills are as discussed below
The principle of compound interest
The youth should start shaving and see their money grow over the years since it is at 22 years of age that young people should start planning for their retirements. In case a young man deposits cash in such an account, he should only expect the transaction charges to apply upon depositing the cash and zero transaction charges when he would be withdrawing the money upon retirement. This is possible if you save your money in a fixed deposit account.
Multitasking and having side businesses
As a young person, there is need to maximize your potential before the day of retirement reach when you win out. So the great finance guru tells the youth to utilize the saying that never put all your eggs in a basket. He also encourages that as one business might not cater to all your needs, you should have more companies so that you do not run short of cash as this could lead to reduced saving habits.
Evaluation of personal financial health
Most of the times the youth spend more than they save and as a result, they end up suffering in the long run. For this reason, David Giertz says that a person should know what he earns, what he s[pends and what he saves so that upon retirement, he/she does not suffer due to lack of cash. He emphasizes on prompt repayment of debts.