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We can all agree that all we really want in life is to become financially stable (…and maybe some chocolate cake ..). Even though each one of us may have different financial goals, financial stability should be everybody’s aim.
Living paycheck to paycheck sucks. But how do you get out of that rut?
In this post you’re going to learn:
+ 8 steps you need to become financially stable
+ how to stop living paycheck to paycheck
+ how to feel confident with your money
Why even try to become financially stable?
Some of the things on this list may be ones that some people aren’t willing to do. Because unfortunately, becoming financially stable does take a little bit of effort.
So what do you get out of it if you put in the effort?
For us, becoming financially stable has meant that we:
What is a Roth IRA and do you really need one?
You’re probably here for one of three reasons.
1 – Don’t know what a Roth IRA is and are curious about it,
2 – You’re maxing out your 401K and want other options,
3 – You don’t have a 401K and are desperate for retirement options.
You’ve come to the right place.
Roth IRA’s are like the cool kids of retirement.
They’re one of the fastest ways to boost your retirement savings.
Roth IRA = less work, more money.
If you look at your 401K and think, “How am I supposed to live off that?!” Or, like me, you don’t have a 401K, then the Roth IRA is your saving grace.
Some gracious being decided to help our poor, no-retirement, souls and give us a fighting chance to retire with the rest of ’em (and even retire a little earlier!)
So, what is a Roth IRA? And will it even help you retire early?
Let’s clear the air first – there are two types of IRA’s, a traditional IRA and a Roth IRA.
They’re both investment accounts but have one significant
How Much Money do you Actually need to Retire?
I know people say that money can’t buy you happiness, but I’d be pretty dang happy laying in a hammock in Fiji.
How much money do you actually need to make it to Fiji when you retire? That’s exactly what I’m answering below!
So – how much money do you need saved to be able to retire where it’s nice and breezy with Uncle Kracker instead of working at Walmart as a door greeter when you’re 80?
Short Answer: Enough to pay all your bills + some.
Long Answer: There’s honestly more than one scenario when it comes to retirement and it solely depends on what you want to do with your life after you retire.
If you’re a total homebody and a scrooge down to the core with no agenda of having fun after you retire at 65, then you could (maybe) get away with having $1 million saved.
On the flip side, if you’re counting down the days when you’ll be hula dancing in Hawaii for 6 months out of the year you’re
7 Tips on How to Become Rich Without Giving up your Soul
We’ve all seen the million and one tips on living frugally.
“100 more ways to save money frugally”,
“Be frugal and make your own toothpaste and soap to save a buck”,
“The only way to save money is to be extremely frugal and sell your kids”.
Seriously, sometimes living frugal can go waaaaay to far.
Those frugal living tips have nothing to do with how you can become rich.
You know what sucks? Doing all those “money-saving frugal tips” and you’re still in the same place.
You’re still broke, you just have a lot less time since you wasted a whole weekend making a gallon of homemade laundry detergent.
Don’t get me wrong – I love natural products but did you know you can just BUY natural products already? You just wasted a ton of time, and you saved $2.
You could maybe go buy some ice cream with that.
Have you noticed that most of the people who are religiously frugal don’t actually gain a better financial life?
Being frugal is NOT how you
Achieving Early Retirement in 3 Easy Steps
SoundCloud available below for anyone who’d rather listen to the post 🙂
One of my goals in life is early retirement. I feel like for most people this is more of a dream than an achievable goal. People always laugh when I say that I want to retire by forty-five. They think it’s so impossible to do this. To those who think it’s impossible, it is going to be impossible. To those who think it can be done and are actively doing things to put them a step in the right direction it can become a definite reality.
I love to mention this in my posts because I think it’s so fascinating, only 20% of your money is the knowledge of what to do with it, and 80% is your behavior with it. For someone who’s bad at math (meaning me!) I am pretty darn good with my money. It’s not rocket science, you just need the desire to achieve your dreams.
The
How Compound Interest makes you more Money
Sometimes all the financial lingo can get a little confusing. Even if you know some of it you might not fully understand it. Compound interest is a concept that has been around for a while now and is known as “…The eighth wonder of the world.” (Said by Albert Einstein) He was a pretty smart guy so I figured I should look a little more into what really is compound interest and exactly how it can benefit you.
Albert Einstein also said about compound interest, “He who understands it, earns it. He who doesn’t, pays it.” Okay, so I don’t know about you but I definitely don’t want to pay for more than I have to. If I’m being honest, I don’t even want to pay for what I have to!
Instead of paying into it, let’s first get into the basics of what compound interest really is.
Back to the Basics
As I was scouring the world’s greatest resource (a.k.a Google), I