Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.There’s no shortage of advice for young people who are just beginning their retirement savings journey. Take advantage of your 401 plan, maximize matching contributions, use a Roth IRA. And of course, avoid debt, particularly credit card debt.
who would struggle to handle a $400 expense. Not living paycheck-to-paycheck is liberating. And as your wealth grows to cover first months and then years of expenses, you will have earned the freedom to live life on your own terms.Financial freedom focuses on how many months or years of expenses you have saved. Our income and account balances, by themselves, tell us nothing about our level of financial freedom.
Unless you work from home, commuting to and from work will cost time and money. But keeping these costs as low as possible can go a long way to helping you move toward financial freedom.When we lived near the subway, we owned one car. There was no need for a second car. When we moved out to the suburbs, one of the first things we did was buy a second car. Sometimes we’ve owned three.
The first step is to list out all of your monthly bills: utilities, cell phone and internet, gym memberships and all debts. With this list in hand, go through them one by one, asking the following three questions:Can I change the product or service in some way to reduce the cost?
Just 9 Hard pass
Just nine No click
lmao 'retirement'
Lol
Solid article. Some thoughts: - Keep expenses income - Aim for 40-50% of income invested - Financial Indepence = annual expenses x 25 - Aim for less than 4% withdrawal rate during retirement
Nice one
Spend less than you make. That’s it.