"The goal of retirement is to live off your assets-not on them" -Frank Eberhart Rule No.1 of living off your assets: You must have assets. You may plan to retire. You may not. Either way, it's a good idea to have a plan for wealth building. You may need it. So, when do you start planning for it? And how do you do it? When Do You Start? You probably saw this coming: you … [Read more...] about Retirement 101: When and How to Start Contributing to Your Retirement
There is a word. A word that you have heard me use many times. A word that has changed spending, saving and investing. What is the word, you say? Don't pretend like you don't know. The word is automation. Automation, A Substitution for Willpower It used to be that investing required discipline. Especially long-term investing. That's not the case anymore. You … [Read more...] about Why It No Longer Requires Discipline to Become Wealthy
You have heard the term 401(k) before. You know it has to do with retirement. You may even contribute to a 401(k), but do you fully understand it? It's simple to understand what it is and how it can help you. Let me explain... The Breakdown A 401(k) is a company retirement plan. The name comes from the Internal Revenue Code: Section 401, paragraph k. Think … [Read more...] about What is a 401k?
Once you have paid off your debt (with the exception of your mortgage), you are ready to start seriously investing. The only exception for investing before you are debt free is retirement. It's never too early to start investing some amount into a retirement account, whether it be through your work's plan or on your own plan. Retirement should be an automatic amount … [Read more...] about INVEST – Let Your Money Work for You
First off, an IRA (Individual Retirement Arrangement) is NOT an investment. An IRA is a shelter for investments. A tax shelter. In an IRA, you have the options to buy stocks, bonds, mutual funds, money market accounts, CDs and, in some cases, real estate. The purpose of using an IRA as an investment account to hold all of these securities is simple; the tax breaks. … [Read more...] about What is an IRA? Roth, Traditional, and More