Is it having enough money to take care of an emergency if your car or truck breaks down? Is it knowing that if you lost your job that you could survive to find another job (even if it took 10 months to do so)?
When you find yourself challenged at work, is it because you are learning something new or is it because you are trapped in your work to pay bills that seem larger and larger in this economy today?
What if you used a new strategy to challenge and motivate yourself at work? What if you set goals specific to generating security for your family not related to your everyday expenses? You can do it.
A lot of people feel if they only had a financial advisor, they could pile up the money like the rich do. In truth, your best financial advisor is between your ears. YOU can learn about saving money. YOU can learn about investing in assets that produce more income and eventually wealth. But YOU have to educate yourself.
How can you hit a home run in this economy? How can you help your family?
What is the FIRST goal?
We think that is building 15 to 18 months of expenses in personal savings (a money market savings account and certificates of deposit – FDIC-insured). If you haven’t made savings a regular and steady part of your financial life, start with your next paycheck. Saving money from each paycheck is not an option. If you believe it is, check in with some of the people in the United States who lost their home recently.
You can save money from each paycheck. If you have to begin with our “1% Savings Plan,” DO IT. Begin now. It will add up faster than you think.
What about my goals for retirement?
We believe you should be in your 401k. If you cannot start by giving 20% to your 401k, then begin with a smaller percentage and up the percentage on a regular basis. It will grow faster than you think. In addition to your 401k, we believe you should have a Roth IRA or Traditional IRA that you steadily give to so that it grows as well. Remember: This is long-term money. You are literally trying to get your money “away” from you so it can grow over decades.
What about assets?
Once you have done these things above, you can begin to think about assets. Assets – by our definition – are those things that grow additional money without you having to do anything but own the “asset.”
Yes, you can do this.
Yes, you can.
Begin today. Take charge YOURSELF. Use what is happening in the economy as motivation. If you have a job, you can save money. Start. Begin. Get rolling.
HELPING YOUR KIDS GET AHEAD
In this country we don’t do enough to teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!