I opened a Roth IRA in July of 2008 and I already have saved $1,200. I work anywhere from 20-30 hours a week getting paid $7.00 an hour. I put a little more than 10% in. I probably put about 25% in each paycheck but I'm only able to do that because I'm 19 and still live with my parents haha. But anyways, it's a very fun thing to watch grow and I recommend doing it.
Yuppymoney- you are a very astute young man. Having just retired myself, I can say that most people completely underestimate what is needed for the lifestyle they desire after retiring. having said that, I have a good retirement income from my career but I have reached the "golfing" lifestyle only after finding a way to supplement my retirement with cash gifting program.
Can you talk about Roth 401(k)s in an upcoming video? Thanks! I'm been investing in a Roth 401(k) for two years now . . . do I still need to start up a Roth IRA?
Awesome! I'm pretty much interested in learning if I need to start up a Roth IRA if I already have a Roth 401(k), and I am contributing up to the employer's match. I'm 26, and I set aside 4% of my paycheck to my Roth 401(k). My employer matches 200%, up to 4%, so it's like a 12% contribution each paycheck. Should I still be setting aside some money for a Roth IRA?
very awesome. I'm a insurance chick myself and I know how important saving is-I love your emphasis on fantasizing about what you want your retirment to be. That's probably the best idea I've heard in a long time.
Saving money for retirement is good however it sucks to think most of your life's savings will be spent in the last month of life and it will most likely go to some nursing home. Meanwhile, live paycheck by paychek realizing you have about one third of the buying power your parents had (with one parent working).
If you can't save 10%, then save what you can while maintaining a lifestyle you can enjoy now - I do not encourage people to save up all their money for their retirement years as we never know if are even going to make it to our retirement years - The goal is to have a hybrid of enjoying life now and saving for a future you can look forward to.
Maintaining a lifestyle I can enjoy now? That's the problem. I'm working so hard and so long, there is no lifestyle to enjoy. I have a college education and one of the things I've learned at college is that we're headed into some serious dark times here in the U.S. I'm not complaining however we are the first generation of Americans to have less buying power than our parents had. I am saving.
It can seem daunting at times, trying to save for your retirement years - The fact that you are saving is huge - Most people don't even think about it. What do you do for a living?
I am a real estate broker - Just obsessed with personal finances and thought a young person should add some advice to the mix - If you have any topics you think I should talk about, let me know--
I opened a Roth IRA in July of 2008 and I already have saved $1,200. I work anywhere from 20-30 hours a week getting paid $7.00 an hour. I put a little more than 10% in. I probably put about 25% in each paycheck but I'm only able to do that because I'm 19 and still live with my parents haha. But anyways, it's a very fun thing to watch grow and I recommend doing it.
LA98x 3 years ago
Yuppymoney- you are a very astute young man. Having just retired myself, I can say that most people completely underestimate what is needed for the lifestyle they desire after retiring. having said that, I have a good retirement income from my career but I have reached the "golfing" lifestyle only after finding a way to supplement my retirement with cash gifting program.
texascashranger 3 years ago
Any advice for us younglings?
yuppymoney 3 years ago
Can you talk about Roth 401(k)s in an upcoming video? Thanks! I'm been investing in a Roth 401(k) for two years now . . . do I still need to start up a Roth IRA?
huge0706 4 years ago
Of course - Anything specific you want to know about?
yuppymoney 4 years ago
Awesome! I'm pretty much interested in learning if I need to start up a Roth IRA if I already have a Roth 401(k), and I am contributing up to the employer's match. I'm 26, and I set aside 4% of my paycheck to my Roth 401(k). My employer matches 200%, up to 4%, so it's like a 12% contribution each paycheck. Should I still be setting aside some money for a Roth IRA?
huge0706 4 years ago
very awesome. I'm a insurance chick myself and I know how important saving is-I love your emphasis on fantasizing about what you want your retirment to be. That's probably the best idea I've heard in a long time.
MSBIRDOFKINGWOOD 4 years ago
Saving money for retirement is good however it sucks to think most of your life's savings will be spent in the last month of life and it will most likely go to some nursing home. Meanwhile, live paycheck by paychek realizing you have about one third of the buying power your parents had (with one parent working).
MGR1900 4 years ago
If you can't save 10%, then save what you can while maintaining a lifestyle you can enjoy now - I do not encourage people to save up all their money for their retirement years as we never know if are even going to make it to our retirement years - The goal is to have a hybrid of enjoying life now and saving for a future you can look forward to.
yuppymoney 4 years ago
Maintaining a lifestyle I can enjoy now? That's the problem. I'm working so hard and so long, there is no lifestyle to enjoy. I have a college education and one of the things I've learned at college is that we're headed into some serious dark times here in the U.S. I'm not complaining however we are the first generation of Americans to have less buying power than our parents had. I am saving.
MGR1900 4 years ago
It can seem daunting at times, trying to save for your retirement years - The fact that you are saving is huge - Most people don't even think about it. What do you do for a living?
yuppymoney 4 years ago
I am a real estate broker - Just obsessed with personal finances and thought a young person should add some advice to the mix - If you have any topics you think I should talk about, let me know--
yuppymoney 4 years ago
great video
hottmix919 4 years ago
Thank you - Let me know any other topics you would like me to talk about.
yuppymoney 4 years ago
You seem very sincere and are very straighforward. What are your qualifications?
macshelleyky 4 years ago
Watch the 'About Yuppy Money' video--
yuppymoney 3 years ago
Great video! Are you a financial planner?
huge0706 4 years ago