Wow! Sitting down with these numbers is both empowering and depressing. LOL! I mean the massive amount of debt that I have taken on between school, cars, and business expenses, it's amazing! I use this blog for motivation and accountability so an important part of that is transparency. In this post, I will break down all of my debt, investments, and bank balances so I can use it as my baseline for progress throughout the year. Well, without further ado, here we go...
I think I have been bitten by the Vlogging bug. I am going to try to record a video a week! I have fun talking about money and this allows you to see me in my element! I get so many questions about investing. To most people, it is uncharted territory so it may be hard to grasp some concepts. I attempt to break down what you need to know in 7 minutes! Please let me know what you think!
I don't believe I finally made a video! It was a lot harder than I thought it would be. I believe this was my 5th take! I don't envy actors and actresses at all! I hope you enjoy. Let me know what you think.
Also, I left all of the bloopers in tact. LOL!
I want to feature your questions on my blog, YouTube channel, and podcast. Submit here and you could be featured! Let's continue the money talk!
If you haven’t read my posts Retirement 101 and Retirement 102, I highly recommend starting there first. It will give you a decent foundation on retirement accounts and all of the different options available. Now, I want to focus on the potential pitfalls you could encounter if you are not actively involved in managing your accounts.
You have options! As we discussed in the Retirement 101 article, there are many different retirement accounts to choose from when you are planning for the future. You also probably noticed that I said "available in traditional and roth". Our next step is to define what those are. Let's explore the similarities and differences.
One word: underrated. Retirement is key to your wealth building. Yes, you can be frugal and save as much as possible. Yes, you can aim to be debt free and be intensely paying off your accounts but what are you doing for your future self. Is your future self broke while your current self is comfortable? The good news is you can start saving for retirement at anytime. The bad news is the longer you wait the harder it is going to be on your current self to build a comfortable nest egg.