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Retirement Challenge Update

Well, I just finished doing my monthly update.  As you may recall, I set a stretch goal of saving 25% of my gross income (from all sources) for retirement this year.  At the end of April, I was at 17.69%.  At the end of May, I only increased to 17.74%.  However, this week I will [...]

Challenge Yourself!

It’s very easy to get complacent in life as well as with your finances.  I’m definitely guilty of this.  Therefore, i’ve decided to give myself a challenge.  I hope you’ll join in and create your own challenge.
I currently save ~20% of my gross income for retirement.  My challenge will be to increase that amount to [...]

Saving for Retirement

People often ask in what order should they utilize the various retirement accounts/options.  Below is my take on the matter.
Stage 0 - Have an e-fund (at least 3 months’ expenses) in place - This should be your first priority so that when (not if) the unexpected happens, you don’t have to accrue debt.
Stage 1 - [...]

What’s Your Type?

I recently read The Number by Lee Eisenberg.  In it, he defines four different types when it comes to retirement planning - the procrastinator, the plucker, the plotter and the prober.  (Click here for definitions.)
Personally, I think I fall somewhere between plotter and prober.  I’m definitely a number-cruncher.  I get a great deal of enjoyment [...]

The Second Step to Financial Success

2/27 - Edited to add a great link about selecting disability insurance - http://www.getrichslowly.org/blog/2008/02/27/the-disability-insurance-maze-how-to-select-and-purchase-a-policy/
Yesterday, I discussed the first step to financial success. Click here for that post. Now that you’ve defined your financial mission, the second step of your journey is to establish goals. Your goals can be short-term (within five years) or long-term (five [...]

Retirement Plans for the Self-Employed and Small Business Owners

Those who are self-employed or have small businesses have many choices for funding their retirement. Below I’ve highlighted some of the most popular.

Self-employed (or solo) 401(k) – This is for individuals who are self-employed or business owners who have no employees. Just like a regular 401(k), your contributions reduce your taxable income. [...]

How to Get the Most Out of Your 401(k)

Most people realize that they should be contributing to a 401(k). However, most people don’t know how to manage their 401(k)s. Here are a few easy rules to keep you on the right track.

Start saving as early as possible - Time is on your side when it comes to the power of compounding [...]