week#9 Savings and Wealth Building
Last evening, we addressed preparing for retirement and building wealth. How prepared are you? What measures do you need to undertake to ensure a retirement safety net?
6 ways to save for your retirement:
- Focus on starting today.
- Contribute to your emergency fund.
- Reduce debt with Avalanche or Snowball Method.
- Rein in spending
- Set a goal/ Automate your savings!
Unfortunately I'm not prepared at all, and it's scary.
ReplyDeleteBut the thing is I'm resilient. SO putting things in perspective especially after being in the course has encouraged me to just start saving, NO matter how small the amount is, save it . And be proud of that savings. Starting the snowball method to get some debt down and hopefully once that is paid down or off .
The real savings towards retirement or ER fund can begin.
And with some effort and persistence it can be down..
That you know of your resilience seems powerful to me. And, I hear you about how scary it feels not to be prepared - yet. Small steps, great love. You've got this!
DeleteThank you Jess!
DeleteHi Onika, keep pushing forward. You are doing well with all this small steps
DeleteOnika you are strong, you've got this! I agree you are doing great with the small steps.
DeleteOnika I feel the same way you do. I love how you are taking charge with small steps to make big changes for the future. You are on the right path and yes it is scary. The end results will be the greatest reward for you. Keep pushing thru. Bravo to you.
ReplyDeleteThan you Stacy, I'm trying, we are all trying to take charge and make positive changes for the future, which is so important to be somewhat comfortable and financially free..WE GOT THIS!!
DeleteI am not prepared at all. This is the time I need to start preparing for emergencies in my life. I need a furnace right now and it's very expensive and I don't know how I'm going to pay for it. So it's very important to start saving for those important emergencies and retirement. So after I get thru this speed bump I am definitely going to map out my plan for saving. I'm going to continue with the snowball method, increase my 401K and have money go into my savings account where I can't touch. This is challenge I'm going to take and win.
ReplyDeleteYour determination and persistence will see you through, Stacy. I appreciate and value how you are seeing this Furnace project as a speed bump.... something to connect with the payment answer and then re-focusing on your goals. You've got this!
DeleteYou're welcome Onika. Yes we got this!!!
ReplyDeleteGreetings, Onika. Navigating retirement preparedness in our current economic landscape is quite challenging. This course has provided me with valuable insights on adopting a fresh perspective when it comes to saving and monitoring the financial outflow from my household. I truly appreciate your dedication and persistence. Remember, taking things one step at a time is the key to success. You’ve got this!!!
ReplyDeleteIts a very scary reality right now to have to consider retirement, especially in this current economic state, its difficult for everyday things let alone Retirement. But NOW, im understanding the "want" or "need", to save that for a retirement fund... Smalls steps.!
DeleteI’d like to express my apologies for not being present in the class this week. As l age, I have been reflecting on the concept of retirement, especially with the added responsibility of caring for my two children, each with unique needs. It has become increasingly important for me to understand the complexities of pension options and 401K plans that can benefit my entire family. Life can indeed present it challenges. Currently, I am utilizing the snowball method to reduce my debts and initiating savings to establish an emergency fund.
ReplyDeleteIt's been a rough time for you, Nicole ...so I can understand how you might miss class. As you re-set your focus, it sounds like your understanding of the vast possibilities of pension and 401K plans will require study and discerning consideration. That you have clarity on this piece seems powerful to me, as I see you as primed to begin your research, accordingly, even as you begin your emergency fund & pay down your debts. Our "Adventures" in financial empowerment continues! I've begun calling them my "Queenly Duties" once more. Onwards & Upwards!
DeleteNicole, you are doing an amazing job with your family and will always continue to increase yourself with knowledge and power.
DeleteNicole, absolutely no reason to apologize, Family is first, of course. You are Amazing , WE are amazing and doing what's best as individuals, and for our families.
DeleteGreetings,Stacy. Life doesn’t always come with a clear blueprint, but I’d be happy to provide you with some guidance on securing assistance for a new furnace. I completely grasp the significance of having an emergency fund. Just last year, my furnace unexpectedly called it quits. The snowball method is a light of hope when faced with financial challenges. Contemplating retirement can be a interesting task for me right now, but I am contributing to a 401K through my job. Stacy, remember that this current challenge is just a stepping stone on your path to success. You have got what it takes to overcome it!!!
ReplyDeleteCongratulations Stacy! That is the beginning of many wonderful things to come.
DeleteAt this point in my life, I am not prepared or preparing for retirement or building wealth. Right now, it's like this. I would love to start preparing, and I have - I made my first deposit this week into my Emergency Fund! 🥳 I have set a deposit goal, though an automated savings option does not appear to be feasible right now.
ReplyDeleteI also made a debt payment to a friend who I owe and made an agreement with her to pay that off in December. This would be Snowball Method, as my debt to her is the least of my current debts. I am practicing reining in my spending ...and allowing myself "Do-Overs" with returning items that are truly wants. Every day I untangle myself from the error thinking & patterns which have cultivated the current state of my finances.
Practice, Practice, Practice. With persistence, focus, and my eyes on the "prize" - I believe I will eventually get to a point of actualizing my Emergency Fund and seeing about Investments towards retirement.
Congratulations Jess on your first ER deposit, making a payment to your friend and coming up with an agreement payment with them.
DeleteCongratulations Jess. Way to go.
DeleteYASSS!!! Jess you are surely going in the right direction, in preparation for the future, and that's a great way to take this steps to accomplish that.
DeleteThank you Jess
ReplyDeleteHi Nicole. I admire you so much. You are establishing a foundation for yourself and your children. It's not easy at all but you are doing it with grace. Continue with the snowball method and watch how your debt will go down tremendously. We take things for granted but don't realize the domino effect when we make the wrong decisions. I'm happy that you are going to build your retirement and emergency accounts. Nothing but blessings to you and your family. Well done my friend
ReplyDeleteNicole please let me know the details for assistance with the furnace please. Much appreciated
ReplyDeleteThank you very much Nicole for the postive feedback
ReplyDeleteCongratulations Jess on your accomplishments!!! Amazing job
ReplyDeleteThank you Stacy! I appreciate this.
DeleteCurrently my job has a variety of retirement plans and options that they offer. The challenge is how to invest and get the best results from your investment. I definitely don't feel prepared for retirement it kinda stresses me out how much money you will need to live comfortably and be financially free. Reason why I joined this financial literacy class to learn new habbits and unlearn old ones. I do appreciate all the lessons, feedback and support from the group. Thank you ladies.
ReplyDeleteHi Liz, do they have an H.R. person that would be willing to sit down and or email you what may be the best options for you individually? I also love the feedback and lessons , as well as support from the group.
ReplyDeleteI don't feel prepare myself. I feel like I started late in life and that's sad for me to say. I opened my 401k about 2 years ago with my job and that's going well. But no other funds. My fiancé is constantly reminding me to save but at this moment I'm not making enough to do so and understand the need to. I will start when I feel more prepared. I was thinking on getting a part time job and maybe that would help out more. I am going to work on how that would look for me if I was to find one either on the weekends only or a couple nights week. Wish me luck.
ReplyDeleteBaby steps love, you got this! you don't need to add a large amount to start however I wish you the best of luck in your search for a part time job.
DeleteHi,
ReplyDeleteso unfortunately, I was not able to make this class for I was out sick but to answer your question, I am not prepared for retirement, but I have been investing into 401k for every job I've worked. During covid I did have a minor setback that caused me to have to start over but ever since then I have been making efforts in putting money aside from my paychecks and will continue to do so.