Currently, I am doing a catch-up toward my retirement and plan to retire in 5-8 years. I would love to work at least until I'm 66 so that I can at least collect the full Social Security. I have a couple of retirement plans at work. Still, relying only on these sources won't make me financially sound in my golden years.
Although I have been wanting to do it for years, I've finally started investing in the stock market. That is where you will get better returns than savings and checking accounts, money markets, CDs and almost anything else a bank offers. My eyes were opened at 3am one day when I was watching this!
I had just opened a couple of CDs at my bank and now I am committed for 3 years for a mere 1.4%. For the same amount, if I had invested in stocks or mutual funds, I could have made at least 4%. Yes there are risks, but life is all a risk.
It doesn't take much to start investing. You can start little and get committed to contribute in a period of time. A good start number is $1000, and here are 5 Simple Ways to Invest $1,000 now.
When it comes to finances, education is a must. But money can be made and saved by reading beyond the personal finance books.
To start investing, you must have both short and long term goals. The long term will deliver the better rewards. To set goals, you might want to consult with a financial advisor, or do intense homework. Just be realistic and not clueless when it comes to money.
Know the basics of retirement planning whether you are in your 20s, 30s, 40s, 50s, and even in your 60s!
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