How are so-called “super savers” – people who save 20% or more of their incomes – able to be super savers? New research has identified “the single biggest difference between what super savers spend less on, as compared to the rest of us” – something super savers spend just 14% of their incomes on compared to 23% for non-super-savers. To find out what this critical thing super savers do differently in terms of spending is, CLICK HERE.
Dipping into your 401(k), taking out a loan, or turning to high-interest credit card debt when life throws one of its unpleasant (and expensive) little surprises your way has its cost. As the author of today’s article notes, “any of these steps will set you back in growing your net worth and hinder your ability to reach your goals.” Thus the need for an emergency fund as part of one’s financial plan. But how much cash should an emergency fund contain? How do you go about building up an emergency fund from scratch? And where does the author state is the best place to keep an emergency fund – and why? CLICK HERE.
April is Financial Literacy Month, but the author of today’s article believes that an understanding of five “big picture principles” is even more important when it comes to achieving one’s financial goals (such as having enough money for a secure retirement) than knowledge of specific financial concepts and processes. The first of these big picture principles? While investing is important, “saving is a surer way to wealth than investing.” For the author’s rationale behind this principle – and for the other four principles – CLICK HERE.
Looking for a better way to keep track of whether you are saving enough to retire? Today’s article may help in that regard, outlining “a more nuanced set of guidelines” offered up by JPMorgan. Here’s what the author has to say: “The aim is to help you track your progress in a way that reflects how much you will need in retirement based on your actual circumstances. How? Instead of one recommended salary multiple for each age checkpoint, JPMorgan’s recommended salary multiples vary, depending on how large your pay is.” CLICK HERE to read more.
“A very common goal is to retire early and lead the ‘easy, good life’ [but] many… are disappointed to learn that an early retirement may not be in their future.” Today’s article outlines five reasons why early retirement is not in the cards for many, including rising health costs, mortgage payments in retirement, and the status of Social Security. To read more, including what the author identifies as “the primary reason why people will not be able to retire early”, CLICK HERE.