Create Your Own Retirement Funds
It has come to my attention that most of my followers aren’t “rich” or “wealthy” and can’t “invest” for their retirement.
This post will also be in the GetThatMoney.biz and WealthOverRich.com websites.
This isn’t an unknown method, but what you need to do is PAY YOURSELF FIRST for every paycheck you get.You can start out a little, but the key thing is start doing that NOW.
Let’s put this in a hypothetical scenario that you are someone that has a salary of $45,000 and after tax you will have roughly $35,000. The first step is open a Money Market Account with the highest interest rate available with no minimum balance requirement and you should make sure there are no maintenance fee(s).
Each paycheck you should pay yourself at least $100 by depositing it in the MM account.Let’s say, you got a new job with a 15% jump in salary. Now you should also increase your own pay and put $115 ($100 x 15%) now.
Before you know it, your saving will be enough to invest for your retirement.
This won’t help you get rich or build wealth, but it will help you on your retirement. If you don’t feel safe about investing in the stock market, then you might want to put ALL of your money into CDs so this way you CANNOT withdraw forcing you to save regardless. If Certificate Deposits aren’t for you, then you might want to go with Treasury Bonds that are backed by the government.
Either way you can start saving and start earning interest.