Don’t forget to save for retirement

In America we have the freedom to choose. The possibilities are un-limited. The one thing I think people forget to do is save for retirement. In all honesty most people are never taught to save. I believe being taught to save ties to proper money management.
Money management leads to less credit problems. Starting young on your nest egg will allow you to retire earlier. So in this article I am going to give some tips on saving for the golden years. If you don’t save and expect to live on social security, you might find yourself doing without.

Step one: Open a savings account
Determine what you can afford to save with each paycheck. My advice would be to start saving a minimum of 5% of each paycheck. Once you have determined how much you can save open a saving account that pays a little interest and has no fees.

Step two: Invest money in the Stock Market
Once you have about six months salary in your savings, at that time you are ready to start investing in the stock market. The stock market has proven over time to be the best way to double your money using the “Rule of 72” So if you divide the 72 by the rate of return you are getting on your investment, it will tell you how long it will take to double your money. For example:
Interest rate: 9%
Amount invested: $52,000
72/9 = 8 years
In eight years you would have approximately $104,000
You can see how investing and getting a return in crucial for retirement.

Step three: Select a good investment Broker
There are lots of investment brokers. Find out what there fees are. I would shop a around and find an investment broker that has less fees along with some good references. A good company this is conservative might be Edward Jones.

Step four: Manage your money
Since having good credit is a way of life these days, make sure you stay on top of your credit. Its does no good to save if someone is stealing your credit from you. Make sure you pull a copy of your free credit score report regularly to stay on top of your credit scores. With good credit scores you will save on your loans terms. You will also know if someone has stolen your personal information. Property credit worthiness management is part of this entire process.

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