Who says that the ecomonic crisis we are in can’t be funny? Tim Hawkins shows that with this administration sometimes you have to laugh to keep from crying.
The one thing that most people aren’t willing to do to win financially is sacrifice. They are willing to sacrifice the little extra’s in their life that keep them from gaining control of their spending. They aren’t willing to say no (today) to their children, so they can eliminate the cloud of debt that keeps them down.
On this day of Independence, remember those that willingly sacrificed for your freedom. Remember those that willingly volunteer to step into harms way each and every day, so you can feel safe at home. Understand that without sacrifice, it is almost impossible to enjoy freedom.
We hear so much about the future of our children and grandchildren being mortgaged away because of the spending of the government. I say that for a lot of families that future was already mortgaged because of the spending of the individual family.
Today, commit to a new level of sacrifice so you can gain independence in the area of personal finance. Commit to a new level of sacrifice so your children will not have to experience the bondage of debt. Enjoy this 4th of July, but do not forget the sacrifice that is required for independence both from a financial and from a country perspective.
We hear a lot about the importance of starting retirement savings early, but for those that are late coming to the ‘retirement savings’ dance, what do they need to do differently? Someone asked me that very question just yesterday. The answer for the most part is nothing. Whether you start early or late the desired results are the same…dignity during retirement. Unless you are going to inherit a retirement account (or you play the lottery), dignity means saving/earning enough money so that you can retire.
I receive Dave Ramsey’s “Investing Minute” newsletter. This month, Dave dealt with this very topic. The following three points are from Dave Ramsey, not me…although I agree with them 100%.
Delay retirement for two more years.
The more you work, the more you save. According to the Center for Retirement Research at Boston College, most people who work two extra years after qualifying for retirement can lower the amount of savings they need by about 25%. Plus, the extra income will be an added bonus!
Get serious about investing.
Don’t give up. It’s time to put all you can towards your retirement. Even if you’re 40 or 50 and don’t have a retirement account, it’s never too late to start. If you are 40 and save just $2,000 a year in a 12% mutual fund, you will have nearly $334,000 by age 65—or more than $425,000 if you wait until 67 to retire! While you won’t have the most luxurious retirement, you can draw a decent yearly income—about $48,000—from the interest by leaving that money alone.
Stay out of debt!
Think of all the extra money you could be putting toward retirement if you didn’t have those car payments, student loans, and ridiculous credit cards! The average car payment is $464 a month. You could be using that $464 to build wealth for the future, rather than putting it toward a vehicle that declines in worth every day. If you’re not “gazelle intense” about paying off your debt, now is the time to get started.
So where are you? Are you starting your retirement savings early in your career? Maybe you did start early, but the downturn in the economy has taken a chunk out of your nest egg. What are you doing to correct the situation? Remember, personal finance is your responsibility. The government cannot take care of everyone. Decide today to increase your retirement savings. If you haven’t started yet, then commit to getting out of debt, fully funding an emergency fund, and then start putting away money for your retirement future.
“Ye have heard that it hath been said, Thou shalt love thy neighbour, and hate thine enemy. But I say unto you, Love your enemies, bless them that curse you, do good to them that hate you, and pray for them which despitefully use you, and persecute you; That ye may be the children of your Father which is in heaven: for he maketh his sun to rise on the evil and on the good, and sendeth rain on the just and on the unjust.”
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