Today, I want to address the practical nuts and bolts steps required to invest as a do-it-yourselfer in as little time as possible. Here, I’ll tell you about lots of things you need to know to learn about investing in stocks.
I remember before I was a GED student, I really wanted to make money in an easy way, I tried everything, and I really made many mistakes, so I want to help you today avoid errors and my goal is to outline some guidelines you can use to participate in the market with minimal effort. We’ll walk through step by step what you need to do.
First, let’s talk about the easy way to invest for retirement. Maximize your employer’s 401(k) program match, certainly, but go beyond that as far as your monthly budget will allow. Challenge yourself to increase it little by little over time.
If you are putting 5% away this year, aim for 6% or 7% next year. That way, you won’t notice a dramatic change. You can contribute up to $17,000 in 2014 and an additional $5,500 if you are age 50 or older.Read More
“Don’t put money in any investment product you can’t explain to a seventh grader! Never put money in anything you don’t understand!”
Dave Ramsey practically screams this advice on the latest version of the Financial Peace University lesson on investing. There is no uncertainty in his words or his voice.
Critics of Dave Ramsey, and even quite a few of his fans over at My Total Money Makeover message boards, say Dave’s investing advice is either “too simplistic” or just wrong.
To people who are much more investment savvy, Dave’s investing advice probably does sound wrong or oversimplified. But for folks like me, who just don’t have much learning or background in investing, that is a start, as long as we follow his basic advice quoted above. Perhaps…
Well guys, here’s to the American Dream. Which usually means: get into debt as much as you possibly can! Oh yeah, this is not the dream; it is just how it’s really happening. So what was that American Dream again? Just check out this post with 8 ways to get debt free this year
Whatever it is or was supposed to be, a lot of people today are dreaming of a debt-free life. So be prepared to dream on as I share with you 7 ways to become debt free this year. See also this March update video on how to stay debt-free:
To make some decent income you need a good education. Do whatever you need to do to get at least a High school Diploma or equivalent it: a GED Diploma.
Getting the GED Diploma is a cost and time-effective option. The price of the exam is $120 in most states and you don’t need to attend a GED school before the exam. If you feel you can pass it, you can just sign up for the GED test, go to the exam place and get your diploma within a week. The GED diploma is the same as a High School diploma so you are good to go.
Stop Spending You Don’t Have
There’s no dispute behind this logic. Still, most of us are spending money we even if we don’t have it, or are guilty of occasional overspending and experiencing some buyer’s remorse, aren’t we?
I recently read an article in Politico titled something like “One last time, the Senate GOP is trying to repeal Obamacare”. I forgot the precise title but that what it came down to.
In the following article, Dr. Oz explains in a pretty good way all about the American Health system, though the video is already some two years old:
The main concern in the article was the fact that they (GOP) want to, “scale really back the role of the federal government in the system of our nation’s healthcare but rather provide the states with block”.
The whole purpose of the federal government getting involved in health care, in the first place, is the very fact that the states couldn’t manage the healthcare system.
There are enough issues to deal with after you die without being left a giant tax mess or a legal battle over your estate. But this often happens to widows and widowers whose spouses have died before cashing in their pensions.
In particular, dealing with a 401k settlement could be stressful and complicated for your spouse or would be beneficiaries upon your death if clear directives were not put in place.
If your spouse or beneficiaries find themselves in this situation then they will be forced to seek competent legal counsel to remedy this complex situation.
Obviously, this will require a substantial cost in attorney fees and will cut into the money they will end up receiving from your 401k account after your death.
Current tax law places a stiff penalty of 10% on Early Withdrawals From 401k retirement plans. Nevertheless, there are some special circumstances under which owners of 401k plans can withdraw or receive an early distribution from these funds without incurring any penalty at all.
These instances include buying a home for the first time, hardship cases, and using it to fund the expenses of getting a higher education.
The ideal situation is that these retirement plans are not touched until it is time to retire, but that is not always possible. Emergencies do occur, and at this time having a ready source of liquid funds to draw from can help get out of an otherwise disastrous time.
It was the Federal government that set in place pension plans like the 401k or IRA, and doing so has encouraged many families to start saving for the future.
Your financial future depends upon making solid decisions when it comes to your savings and your retirement strategies. However, most folks tend to make some common errors in this regard.
These mistakes are easily overlooked but can cost you a great deal in terms of loss of investment growth and or a loss of time.
One of the obvious areas mistakes are made have to do with how you use your 401k retirement plan. Your IRA/401K can be a very powerful vehicle to supercharging your retirement savings but only if used correctly. So let’s take a look at some mistakes to avoid while taking advantage of your 401k plan.