Money Tree Season 2 Episode 6 - Planning for Retirement - Part 1
Age Determined Retirement Planning
Stage #1 - Beginning Journey (Age 25 - 40)
Stage #2 - Middle Journey (Check-Up) (Age 40 - 55)
Stage #3 - Light at the end of the tunnel (Age 55-70)
Stage #1 is for those who are beginning their Career to age 40
Age Determined Retirement Planning
Stage #1 - Beginning Journey (Age 25 - 40)
Stage #2 - Middle Journey (Check-Up) (Age 40 - 55)
Stage #3 - Light at the end of the tunnel (Age 55-70)
- Part #3 - Beginning Journey
Stage #1 is for those who are beginning their Career to age 40
- 1st step is to create a lifetime financial goal
- How do you want to retire?
- What moves can you make to make sure you do retire?
- How can you avoid disasters so you can continue to plan?
- How do you want to retire?
- 2nd Step - Budget!!!!
- Buy a home that is no more than 25% of your Net Pay
- 30 year note, and pay extra!
- 30 year note, and pay extra!
- Alot money for “Fun” activities
- Envelope System...use it!
- Dream of a Corvette and drive a Camry
- Save by purchasing a “used” car.
- Budget for Insurance and Gas along with this!
- Save by purchasing a “used” car.
- Buy a home that is no more than 25% of your Net Pay
- 3rd Step - Debt Elimination
- Eliminate Student Loan Debts
- Eliminate ALL Credit Card debt
- Do not borrow except for Large purchases (Home, Car)
- Eliminate Student Loan Debts
- This includes
- Start a Roth IRA
- Look for Mutual Fund that are MorningStar 5 Star Rated
- Look for Mutual Fund that are MorningStar 5 Star Rated
- Invest in company 401(k) / Pension Plan
- Match Company Matching Contributions
- Diversify your Portfolio (Dont put it all in your company)
- Match Company Matching Contributions
- Start a Rainy Day / Savings Account
- Pay yourself!
- Buy a Bank CD
- Goldman Sachs ($500 Min. = 1.87% interest)
- Goldman Sachs ($500 Min. = 1.87% interest)
- Buy a Bank CD
- Start a Roth IRA
