If I had one piece of advice for anyone who hasn't started investing yet, it would be: Please, just start. If that feels hard, ask for help. Money and investing are an emotional business. Seek advisors to help wade through your valid concerns!
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The Feds increased 401K contribution limits to $20,500 in 2022, which is an increase from years 2020 and 2021 limit of $19,500. Catch-up contributions to retirement accounts for those age 50 and up will remain unchanged at $6,500. Including their regular contributions, people 50 and up will be able to stash up to a limit of $27,000.
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The problem is worse today than my parents’ generation because pensions in the private sector have been eliminated. VOLUNTARY 401-K plans have replaced the Majority of companies’ pensions. The 401-K was designed to mimic a pension’s retirement income. BUT only if YOU: 1. Start saving EARLY, in your 20’s, 2. Contribute a significant percentage of your compensation to your plan, 3. Work for a company that matches some portion of your ...
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A typical millionaire looks like you. You pass them in the street. Eat at the same restaurants and fast food chains. They’re your neighbors and the people you see in grocery stores, etc. They work hard, save their money, invest and have a large, rainy day fund.
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Have you heard of the “Rule of 72”? This simple rule helps your HARD-EARNED MONEY grow! The “Rule of 72” approximates how many years it will take for your money to double, given a fixed rate of return. The formula: {72 / interest rate = Number years to double}. How long do you believe it will take to double your money if placed in a typical U. S. savings account? ...
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RULE # 1: If your debt interest rate is higher than your targeted investment return, than prioritize paying off debt. Place your money where it does the most good. https://wealthbuildingpowers.com/2018/04/05/four-steps-to-achieve-financial-freedom-by-becoming-debt-free/ If you want to invest in the S&P 500 ETF, which averages about eight to ten percent annual returns you should prioritize paying off HIGH INTEREST credit card debt which can be as high as ~30%. The good news, student loan interest ...
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Every successful individual regardless of the field, did so by outworking the competition.
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I consider the Roth IRA one of the best available financial and investment tools. Saving in a Roth IRA early was one of my best decisions!
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To accumulate wealth - YOU MUST WORK FOR IT.
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A large percentage of today’s retirees are facing a “longevity crisis” and outliving their savings. Some of my friends are facing this very real crisis. One spent the bulk of his 401K on his three kids’ college education. Because he loves his children. Two have small pensions and are financially struggling. Another is afraid he cannot afford to retire. When you add in the risk of catastrophe illness, their risk ...
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