Throughout the past two and a half months I have continued to ask myself, did we jump off a financial cliff? The answer was no. How did I know? The answer, while somewhat complex, is profoundly simple.
Do you know what I fear more than losing money? I’m afraid of lying in my bed when I’m 85 years old, staring at the ceiling in my rest home & asking, “Why? Why did I not even try?” I would be willing to lose everything 1000 times over rather than have that happen to me. How about you?
What happens when someone doesn’t want to wait until 59 ½? Can they access the funds earlier? The short answer is yes
We are all players and use our financial education to improve our wealth and those around us. You can win as long as you understand the basic rules of the game.
One of the easiest ways to keep saving and investing goals is to set up automatic deposits or investments. Payroll deduction for 401(k) contributions or reimbursement accounts are great examples – you never have possession of the cash, so you don’t feel the pain of taking it out of your spending money. Contact your human resources department now about starting or increasing your contributions.
While the basic premise of “save & invest” is commonly understood, why do most people fail to do this? More importantly, how is saving money, when most people earn ordinary income, coupled with inflation, advantageous in a low to zero interest rate environment?