This is the first in a series to discuss money: How to make, save, invest, whatever. Many times we’ll merely scratch the surface of a topic and that’s OK. Feel free to dig deeper on your own. No topic is off the table and I’ll try to answer questions as they come. I’ve seen people make the same avoidable mistakes over and over. My aim is to break that cycle.
I have no intention of offering advice. Rather, I hope to introduce some ideas and mindsets to help build and maximize your nest egg for retirement. My first finance professor at UCF used to say “Money isn’t everything but it’s way ahead of anything else in second place”. While this might be disturbing on several levels, it makes a point. Money makes life easier (and sometimes more complicated). Either way, let’s get started.
Before investing, most planners will tell you that we should all have life insurance and three months’ salary saved for emergency purposes. Anything less assumes some risk and that becomes a personal decision based on your own risk tolerance and personal situation. The younger you are, the more important this next part is…invest in your future by contributing to a 401k plan at work or IRA. Check with your tax preparer for eligibility. It takes a lot of discipline but pay yourself first. Thank me later.
Final thought, when going to the beach, protect your valuables. Manage your keys, money and jewelry. The people with metal detectors scanning beach are not looking for stuff they lost. They’re looking for stuff we lost.
Send questions and comments to: spacecoastmoneytalk@gmail.com