Think you can’t become a millionaire if a salary of $30,000 a year? Think again. The tactics real people use to save $1 million or more even with modest incomes.
Q: What rate of return should a 20- or 30-something use when using a retirement planning calculator? (They are often preset to 6 or 8 percent). And does that include inflation? Depending on the assumptions I use, I get drastically different answers. On the low-end, I’m saving too little and on the high-end, I’m saving […]
Back in November, I spotlighted a letter from a reader who agonized over a debt dilemma that involved his retirement savings. “Nick from Michigan” wanted to tap his 401(k) to pay off $12,000 in credit card debt, but couldn’t pull the trigger. I talked to a few financial experts who all said the same thing: […]
It’s perhaps the biggest financial quandary facing every young saver: Personal finance advice –- including our own — implores you to save as much for retirement as possible. But the younger you are, the more likely you have other important goals ahead: Repaying student loans, buying a home, getting married, taking time for extended travel, […]
People who aren’t saving for retirement share a common excuse: “I want to enjoy life now. After all, I could get hit by a beer truck tomorrow.” On the flip side, compulsive savers max out 401(k)s and IRAs while living with six roommates and eating a steady diet of Ramen and canned meat. Here’s some […]
Unless you’re new to the personal finance scene, you probably already know that you should be socking away a good deal of money into one of those handy-dandy retirement accounts to prepare for your future. This is especially true for the twenty-somethings out there who have years upon years for our money to ride out […]
Two Yale Professors want you to borrow money to invest in the stock market. Economists Ian Ayres and Barry Nalebuff first pitched the idea in a 2005 Forbes column called Mortgage Your Retirement. Their philosophy is this: Young people should take advantage of the stock market’s propensity to deliver long-term gains by trading on margin. […]
Perhaps you heard it from your parents, some guy you know who “really has it together” or maybe you’ve read it on a blog like this one. Regardless of where you got the advice: You know that it’s never too early to start saving for retirement. That means if you have a steady job, you […]