When first investing in a retirement plan, it can be hard to know where to begin. While you may feel like there’s a lot to manage, you might be surprised at how often you should actually be checking your account. The average investor usually doesn’t need to stress over the everyday changes in their portfolio. Anytime the markets are involved, you have to remember that they will naturally go up and down. You and I can’t control them, but even in volatility it’s important to stick to your game plan. If it is a long-term plan (retirement accounts), it is important to stay invested so you don’t miss out on potential growth.
Special guest and newest member of our AFS 401(k) team, Allison Rosenberg joins me in this Money Hacks episode. She brings years of real-world financial coaching experience and is here to answer one important question — How can you measure if you are on track for your retirement?
With this simply idea, you don’t need a phone or calculator. All you need is to know how much you have in your retirement account and open ears. We’ll walk you through a simple calculation to determine if you have enough retirement savings. If you find yourself on good terms great but if not we’ll also give a few tips to help you catch up.
OK, maybe the title of this post is a bit harsh. But let’s be honest: life is short. We should enjoy our time on this lovely earth while we are here.
Before we go any further, let’s be clear: what I DON’T mean is that we should all live beyond our means and rack up a mountain of debt. But we should be realistic about where we are now, where we want to be, and how to get ourselves in a better financial place while still having (at least a little) fun along the way.
So, what’s wrong with Dave Ramsey's approach? Well, it isn’t always financially sound. Let’s take a look at each “baby step” and set the record straight:
Insurance: security, protection, coverage – overall, a comforting word that we welcome, especially in terms of our financial lives. There are numerous types of insurances in the financial world, and the variety of options can be daunting at times. Disability insurance is one type under the insurance umbrella that is often overshadowed by its peers, life and health insurance, despite it being just as important of a part in terms of your overall financial plan.View It Now