Stop and Smell the Roses: A Great Life Many of us get caught up in the hustle bustle of life, summer, and back-to-school preparations. Can you relate? Do you catch yourself thinking “If I can only get _____ done, then I’ll be able to slow down andRead More
In “How to Fund Your Retirement Without Selling Off Your Investments,” The Motley Fool explains the two ways people usually make money after investing in stocks and bonds: selling once the investment is worth more (capital gains) or getting a monetary reward from the organization you invested with (dividend or interest).
This explanation points the way towards how one can retain investments and still profit from them:
“Choosing investments that will produce lots of income for you is an important part of retirement planning.”
When you have an investment that offers dividends or interest, you profit without selling. …Read More
It is important to know how much you should be saving. Every year you delay adequately funding your retirement cuts in half your retirement standard of living.
Imagine Fred and Wilma, now in their forties, with savings of $250,000 and an income of $55,000. They project that putting $1,036 a month into savings this year will meet their goal of retiring at 65. But that projection is only good for the coming year.
Projections are like blinking your eyes open as you are walking quickly. They give you a quick snapshot of where you are and what direction you …Read More
Yes, it sounds harsh. But this is an important financial reality to understand: you should prioritize your retirement savings over saving for your kids’ college expenses.
This isn’t about loving your kids less. It’s about knowing how to prioritize your financial goals in the best possible way for both your sake and theirs.
And remember, putting your retirement needs ahead of saving for college doesn’t mean indefinitely choosing one over the other. You can balance both these competing goals and fund each at the same time.
Here’s why your retirement savings is that important — and how you can balance …Read More
In the past, we’ve written about how to save more money by paying yourself first, saving 15-25% of your gross income, or saving just 1% more in order to have enough to retire comfortably, send a child to college, or other goals requiring capital needs.
Saving money via payroll deductions, automatic contributions to IRAs and 401ks, and directly into piggy banks (for kids and adults alike) can be considered ways to save money directly. However, there are some ways to save money indirectly – and convert that money into direct savings towards retirement, college, or other financial goals.
- Turn the