I know many of the men and women reading this may scream that this is an impossible strategy. But it is doable with a little will power and the ability to delay gratification for a while. If you don't do this, your future may turn out to become extremely bleak.
For the second year in a row people who depend on Social Security wont receive a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was implemented that receivers have not received an increase.
The typical scenario is that you get your paycheck. After you recover from the distress at how little is left after taxes, you begin to divvy it up amongst all your outstanding bills, intending to put whatever is left over into your savings.
But there never ever seems to be anything remaining, so as a result, your savings won't increase.
A better plan would be to pay yourself first. Don't let the funds get into your hands. You may find that you actually start to increase your savings much faster this way.
Social Security was originally designed to grant retirement savings to workers, but the program has grown tremendously and now Social Security provides disability benefits, death relief and other family benefits along with retirement benefits.
If you work for a business with a 401K plan, the first thing you should do is fund it to the max. If you can't afford that, at least put enough in to obtain the full matching contribution from your company.
That investment is made before taxes. Your investment is larger and with your employers contribution, it's going to grow promptly.
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Next have a brokerage or mutual fund organization debit your banking account monthly. This income should first go into an IRA - if you have five years or more until retirement, make it a Roth IRA.
Next have a few dollars more be debited into a no-load, low cost mutual fund. The younger you happen to be, the more aggressive the selection of fund can be.
The online bank account has developed along way. There was clearly an era when the interfaces were difficult and the pros were minimal; thank goodness this has all changed. The interface for internet banking is about as user friendly as anyone could expect or want.
After that is done, then figure out how to pay your debts and living expenditures. If money is tight, scale back on your living expenses and use the extra money to pay down your debt.
Start with the lowest balance first. As soon as that debt is paid, take the quantity of money you were paying on that debt and add it to the payment on the next lowest balance debt. Continue doing this and you may be totally debt free in just 5 to 7 years.
As we near the end of 2010, a lot of folks have already completed Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the best move for them.
A different version of this method is paying the highest interest rate debt first. Many companies restructuring from financial hardship use this strategy.
The principal is identical, you just see more progress with the first technique, although it could be more costly based on how your debt is distributed.
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The main idea is to scrimp at the expense of your current lifestyle, while making your savings grow and your debt shrink.
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