Quote:
Originally Posted by RunKC
What would be yor advice for under 50 people who want to save for retirement? Obviously there's 401k, living below your means and getting rid of debt, but I'm trying to have multiple streams of revenue to my retirement and I want to start early.
I've looked at the stock market, but dividedend stocks seem to only be worth it for people who can put a lot in initially and buy a lot of stock.
Advice welcome from all. It's been on my mind for awhile and I'm always open to older folks who have experience.
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FIRST, eliminate all credit card debt.
SECOND, contribute at least whatever is needed to your 401(k) to take advantage of any match. For example, if they match half of your salary up to 4%, then put in the 4%, if not more.
THIRD, eliminate the bullshit fees and costs in your life. Your bank charges a fee every time you use an ATM, and to maintain that checking account? Go find a credit union or something. Look at where you're getting nickeled and dimed to death by some kind of bullshit, and get rid of it.
FOURTH, eat out less. I'm not saying become a hermit eating rice, but I know too many people who live paycheck to paycheck who eat out for lunch EVERY ****ING DAY and then go hit Dunky's or Starbucks twice a day too. YOU ARE PISSING AWAY YOUR ****ING MONEY. STOP THAT SHIT. Are you really such a coffee snob that the office Keurig isn't good enough for you? Are you really incapable of bringing lunch to work a few days a week?
FIFTH, eliminate all debt in your life other than housing debt (mortgage). Got a car loan? Well, unless it's zero financing, pay that shit off.
SIXTH, take a look at the expenses in your life. What do you NEED, versus what do you WANT? What can you trim back. The fastest way to save money is to reduce expenses. Eating out less is an obvious one. Are there others?
SEVENTH, have a rainy day fund. A pool of cash for when your tires need replacing and that crap.
EIGHTH, increase your 401(k) contributions beyond the match and/or create an IRA. Tax deferred wealth accumulation is where it's at.
From there many avenues become possible.
Bottom line -- CONTROL YOUR FINANCES, OR YOUR FINANCES WILL CONTROL YOU.
Good luck!