Week 9: Savings, Assets and Wealth Building
Last evening, we addressed preparing for retirement and building wealth. How prepared are you? What measures do you need to undertake to ensure a retirement safety net?
6 ways to save for your retirement:
- Focus on starting today.
- Contribute to your emergency fund.
- Reduce debt with Avalanche or Snowball Method.
- Rein in spending
- Set a goal/ Automate your savings!
Doreen Reyes, Email: dareyesconnects@gmail.com
Contact: 413-388-4477
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I'm not going to lie, I'm not really ready for retirement yet, I hate the fact that I had to take some money out of my retirement 2 years ago. I got taxed so much to get it. I still have some 403b left for my other job that I have to figure out where to put it or how to contribute to it. But I also have to find another Revenue to start contributing to it. All I need to do is save a little by little try to start somewhere. I've been learning to slow down on my wants and focus more on my needs and set some goals that actually make sense. I want peace when I get older, not stress, no struggle, just stacking money and chilling. I'm focused on getting my money right now so I can live good later.
ReplyDeleteSlow and steady wins the race not to mention that you seem to know how to find resources to help you along. I have faith that we are all on track to meet our goals.
DeleteAt least you are still young enough to make contributions and change your future. Keep up tge good work we are all trying to make.you can do it
Deletewhen you need to use funds from your 401k or 403b. It's important that they take out the 6 % of taxes for both federal and state. So, when you do your taxes at the end of the year. You will need to pay very little back in turn. But if your have deducted from you paycheck, it won't affect you at all. Because you are paying it back.
DeleteI do have two retirement plans through my job. My job matches my contribution, which is a plus.. so it’s like free money.. On payday a certain amount of money will be going directly to my savings. so I can start my emergency fund.. once I pay my debt off I’ll be able to put more money aside..
ReplyDeleteThat’s great Quanna my second job offers it and I have been considering starting it there once I have some of the debt paid off so I don’t miss that extra income. We got this and will see the fruits of our labor paid off. The support that this group has given us will keep us motivated.
DeleteThat's wonderful news! Encouraging one other is absolutely great.
DeleteThat’s how you do it! Free money? I’m takin’ all that, period. It's always great when your employer matches you. You will pay off your debt in no time and have a great cushion for your emergency fund.
DeleteIt’s unfortunate but I can say that I am not ready for retirement and this scares me so much. We are living in times that don’t really allow us any extra to save for the future. But I also have to hold myself accountable as I could have done better to have more than what I do right now. Although I can’t save any extra I have been pouring any extra into my bills, making breakfast and lunch for work, saying no to certain outings as well. Once I have some extra I would like to sit with someone to discuss how I can have my money work for me. Hopefully this can help me grow my retirement and savings faster.
ReplyDeleteI am not as ready for retirement as I should be. I just started saving 10% of my checks to retirement. I will use tge pay from my second job to pay for emergency savings and to pay off debts.
ReplyDeleteSeems like were all not ready lol
DeleteRetirement is not like it was once better in the early 90's. I have retired clients that are working part-time just to make ends meet due to today's economy. All we can do is not take anymore unneccessary debt. Learn to live within our means.
DeleteI feel that for real, times are hard right now, but you're doing what you have to do. That discipline is going to pay off. Don’t be too hard on yourself, at least you're taking steps to fix it! That’s what matters.
DeleteIm not prepared at all. I have souch to do before ill be close to have a comfortable savings and stuff. Im so glad to have this knowledge to how to..
ReplyDeleteJenna you will get there with the knowledge that this course is providing. It’s better to have done than none at all.
DeleteJenna the important thing is to acknowledge where you at right now. Continue to do your best. It's never too late to start when you are ready to do so.
DeleteDon’t even trip, you're already on the right path! That knowledge is going to pay off sooner than you think.
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