I’ve learned the importance of having a mentor over the years. We all make mistakes and hopefully we are able to learn from them. However, when you have a mentor to help guide you, you can take out some of the mistakes before you make them because you are aware of what the mistakes might be. Many of us have mentors that we don’t get to actually talk to – these are usually famous people who have the same ideals …
If you’ve read Part 1 and Part 2 of this series, you might already be maxing out your company’s match on your 401(k) plan and putting the rest in a Roth IRA. Well, now it’s time we look at something even better… the holy grail of retirement plans – the Roth 401(k)!! Ah, the Roth 401(k) – that elusive unicorn… I know you’re out there somewhere! I’m still waiting to see the Roth 401(k) become available at my company, but that …
401(k)s, Roth IRAs, Roth 401(k)s, Oh My!!! [Part 3] Read More »
In Part 1 of this series, we talked about the benefits of 401(k) plans (and some of the cons as well). These plans are probably the easiest programs to get started with since your employer should be familiar with the process of getting you signed up. If you’re already taking advantage of that plan and any employer matching offered, good for you! Now it’s time to get familiar with another option you have for your retirement investments… Roth IRA plans A Roth IRA is …
401(k)s, Roth IRAs, Roth 401(k)s, Oh My!!! [Part 2] Read More »
Should you put money into your retirement accounts such as 401(k) plans or invest your money elsewhere? The ideal scenario is for you to have enough passive income coming in that retirements accounts aren’t really as critical. However, most of us aren’t that fortunate. That said, a good balance is going to be the best bet toward a smooth retirement. So, what’s the difference between some of the different retirement vehicles and where should you be putting your money? 401(k) Most …
401(k)s, Roth IRAs, Roth 401(k)s, Oh My!!! [Part 1] Read More »
I liked money when I was a kid and was a better saver than most kids. I figured I would save enough so I wouldn’t have to work for the rest of my life (this was before I learned that savers use Other People’s Money the best way that they could.) Regardless, I’ve always been interested in figuring out money… and more importantly, figuring out how to become financially free and retire early. I always thought that was the dream, because …
So you’ve decided that real estate might be one of the routes you are going to take to move closer to financial freedom? Maybe you’re very handy and maybe you’re not, but inevitably a question that is likely to come up is that of hiring a property manager. Now the question becomes… Is a property manager worth the money? I currently have one rental house that I’ve owned since 2003 and started renting out in 2009. I bought it with the intent …
The phrase “Other People’s Money” comes up regularly on different websites, especially on those that are trying to help you get financially free. And there’s a good reason for that… You can get rich much quicker when you are using “Other People’s Money”! I first heard the phrase “other people’s money” from Robert Kiyosaki’s books. As you’ll hear me mention quite often, Kiyosaki has been a great influence on me throughout the years. When you think about it, using other people’s money (OPM) …
When I was in college, I got my first credit card… and then a second one. Over time, I started using those credit cards a little too much – grabbing the check when out with a bunch of people for dinner, buying all the stuff I “needed” (which I later realized were just wants), etc. Boy, was I the life of the party! This, of course, got me into debt… but I’ve always been pretty organized. So throughout my college years, …
I’ve always been fascinated with money and have always been good with it. I always did what I thought you’re supposed to do… save it. Well, over the years, I’ve learned that that’s only a small piece of what you need to do if you want to retire early. Sure you can save every penny and live like you’re in poverty for your whole life, but who wants to do that?! I’m not here to tell you that you have …
