When: NOW
Why: Because you WILL NOT survive retirement without investing.
How: That is what this blog is about...
Their are an infinite amount of ways to invest in one's future, and although money is a huge part of it, I believe the biggest component of it is EDUCATION. I cannot emphasize enough about how important it is that we all have some form of education, whether it be vocational, scholarly, or whatever. That is the investment that will always give you a positive return and no one can ever take it away from you.
Ok, so education is important, but so is money, Jackie! What do we do with our money?!
Well, right now you should do a list of a few things.
1.) Open up a Roth IRA. Consider this a gift to your future self. Think long term!
2.) If you have a job that offers a 401k package, snag it!
3.) Buy savings bonds! It's virtually the same thing as depositing money into a savings account, but it's protected better and you gain better interest. You will also be less inclined to use that money for things that you shouldn't be buying anyway. Buy 'em!
4.) Buy silver and gold bullion. Don't get too crazy with it, but I spend about 10% of my paychecks on silver bullion. Almost every financial expert agrees it is a good investment, whether it goes up in the next 2 years, or the next 20 years, it is still a worthwhile investment (as long as you don't have all your eggs in one basket).
I am doing all of these things right now. I have a few financial goals when I retire, and they are to 1.) Be debt free, including owning my house outright; 2.) and to be a millionaire.
Ok, so the first one is a given, but the second one?! A millionaire?! Yes, a millionaire. It is very possible and quite easy to do if one makes wise decisions. Now, when I talk about wise decisions, I am not talking about making smart investments in the stock market. I am talking about things like contributions to your 401k and your Roth IRA, and putting at least 10-20% of your after tax income into savings/savings bonds. Don't waste money on things you really don't need, especially if you have debts to pay off. If you really really really want that new peacoat from The Gap, but it's $75, buy it. But first, pay any debts off! Rewarding yourself is great! What kind of life would we be living if we never indulged a little?! All I am saying is that when you have an $800 dollar credit card balance that is staring you in the face every month and you are just putting all of your money into STUFF, then what kind of delayed gratification are you getting out of that?!
In short, just do smart things that involve common sense. Follow your guts and your instincts. And get a damn education!
No comments:
Post a Comment