Adequately prepare for retirement. Many people who live on fixed income find it very easy to qualify for bankruptcy because they can barely pay their rent, let alone their basic monthly cable bill. Don’t rely on the government to take care of you in your old age. Start saving for retirement early (in your twenties!) and utilize the beauty of compound interest so that you are less pressured to stock pile your income in later years. It only takes a fraction of your income if you start early enough!