It goes without saying: if you’re not investing in your 401(k) retirement plan at work, you should be.
Everyone knows that if you start saving a little bit of money every paycheck from the time you start your career in your early 20’s, all that compound earnings and interest will lead to millions of dollars upon retirement.
Really – you CAN BE A MILLIONAIRE with just a little bit of effort.
What’s the first thing you looked forward to after landing your first job?
Getting that first paycheck, right?
And what’s the first thing your parents likely told you to do with that paycheck? Put it into the bank. Save that money for a rainy day. You’ll get married some day, or perhaps you’ll want to retire comfortably.
And then you got that note from Human Resources that said, “Congratulations! You’re now eligible to participate in the company’s 401(k) retirement savings plan!”
We’ve all heard stories of finding an island retreat overseas, where an oceanside resort home with full staff, food, utilities will run you just $500 per month — who wouldn’t want to live like royalty for just $6,000 per year for the rest of your lives?
If there’s one piece of advice that Web Watch is always trying to give to our younger acquaintances, it’s that it’s always better in the long run to save as much money as you can for the future. A while back, we recommended to try to have $10000 in the bank by the time you’re 30 years old, and that’s still a good rule of thumb to live by (call it your “emergency fund”, it still represents about 3-to-6 months take home pay for the average young adult that financial experts recommend keeping available for emergency purposes).