There are additional ways to save for one’s retirement when creating a financial portfolio. Oftentimes, you employer will give you the option to begin saving for your retirement. You can diversify your financial portfolio by investing in an Traditional IRA, ROTH IRA, Rollover IRA and or if one is self employed, SEP IRA.
What is an IRA?
IRA An IRA is an account set up at a financial institution that allows an individual to save for one’s retirement with tax-free growth or on a tax-deferred basis.
In our previous illustration we discussed savings and budgeting and the importance of creating short and long term goals. You can utilize these resources in order to begin saving for your retirement, mutual fund, 401k, safety net and or college education.
In our previous illustration we discussed savings and budgeting and financial resources that one can utilize to ensure your savings yield a return. Before we continue, let’s reiterate a few key elements that are essential. Once one begins implementing these strategies one will begin to see increases of $500.00 or more.
1. Establish a budget.
2. Build a financial plan for short and long term goals.
3. Maximize your savings by opening an additional savings account that yields interest.
In our previous illustration we discussed savings and budgeting and the importance of developing a strategy to maximize your resources. In order to save an additional $3,000.00 – $5000.00 monthly, you must invest in resources that yield a return.
It may take some time to develop a strategy, but no matter where one begins, one can overcome any financial circumstance through faith.
In our previous illustration we discussed budgeting and saving for short and long term goals. When you develop budgeting techniques you will be able to plan for vacations as well as any other goals you would like to achieve. You can began saving $100.00 bi-weekly immediately, which will gradually increase over time.
1. Pay yourself first when you receive your pay statement (10%-20%).
2. Set aside a specific amount per pay period for savings.
3. Open a secondary savings account that yields interest.
In our previous illustration we discussed budgeting and how to itemize one’s resources into specific categories using one’s MINT (Personal Finance) application. I hope that you have been able to capitalize on these unique savings resources. Once you begin implementing these strategies you will start to experience an increase in cash flow.
1. Allocate one’s resources in specific categories.
2. Ensure one’s resources are budgeted for both short and long term goals.
3. Open a separate savings account for an emergency fund.
In our previous illustration we discussed budgeting and choosing a financial management application to manage your resources. It is important to keep a duplicate copy of your budget on an excel spreadsheet so you can refer back to your data.
We now have our MINT (Personal Finance) application, and an excel spreadsheet.
1. Monthly coffee expense.
2. Monthly gas expense.
3. Car payment.
4. Rental and or mortgage payment.