What is The Right Amount of Money to Save For Retirement?

People have often asked me what is the correct amount of money to save for their golden years. I only have one answer to that, "as much as you can"! Obviously, the more money that you save the better off you'll be in your retirement years. A rule of thumb is to put at least 15% of your gross income in to your retirement plan. The more money you make, the less you will be able to put in to your 401K plan. There are rules set by the government on how much you can actually put away. These rules were established so that the rich couldn't just put all their money in to their retirement plan to avoid paying taxes on the money. I am not sure how much you can actually put in your 401K, but you can also start putting money in to your own IRA accounts if you maxed your company retirement plan out. There's rule about that also, but a good account would know what to do. Unfortunately for me, I am not in that situation. I wish everyone good health and great investing!

The DOW Roller Coaster Ride!

Watching the DOW Jones Industrial these days is like riding a roller coaster. One day its down and the next day it's up. I guess that we just have to take the ride and see where it lets us off. I hope that some day it will settle down and start to take us for a steady ride. All the experts are saying that the recession has peaked. I'm not sure what that means, but maybe the economy will start to settle out and grow at a sustainable rate. Hopefully the stock markets will start to show a steady return and all of our investments will be on the rise again. Until then, we'll just have to ride the roller coaster until we can get off. Hopefully all of us won't be getting sick! I wish everyone good health and happy investing! Until next time, ride the roller coaster.

Happy Investing!

Live for today, forget about tomorrow!

I remember my grandmother always telling me to watch my pennies and the dollars will take care of themselves. Have you ever heard of that expression? Now the copper in a penny is worth more then the penny its self! There are so many people today that don’t live by that philosophy. Why were people in the olden days more money conscious then they are today? Social Security is worse now than it has ever been. In the earlier years, they did not have to worry about getting their social security checks after they retired. Now, none of us know if Social Security will even be around.

Start to build your financial wealth so that you don't have to depend on our government. I don't know if their trust worthy enough. The polling says that all politicians are all crooks. I have to agree with them. Start putting money in your retirement plan immediately! You'll be amazed at how fast it will add up.

Live for today, don't worry about tomorrow!

I know a lot of people that live by this philosophy. Why should I save my money, I could be dead tomorrow? Is the phrase I hear from some of the people that I know. Well, let me say that unless you have some terminal illness and are laying in the hospital ready to go, chances are you will be around for a while. My father is 72 years old and has had 2 heart surgeries, has been in the hospital several times for hernias and is still play golf 3 times a week. The better medical technology gets, the longer it means that most of us will be around. Excuses don't build wealth, action does! Stay tuned for my next money saving tip.

To your health and wealth!

Net Worth, What is it?

First of all, seeing the DOW rise 4 days in a row has to have some people excited. Maybe my mutual funds are on the rise! I sure hope so.
I think that building your "net worth" is very important. The earlier you start the better. Net Worth is the bottom line after you subtract all your financial obligations. In other words, take the value of your house, cars, saving accounts and what ever other investments you have and then subtract out your financial obligations. What you still owe on your house, cars, credit cards and what ever else you owe on. The bottom line is your Net Worth.
One tip I have on saving money is with your Insurance Company. Raise your deductible as high as you feel comfortable with. Low deductibles might make you feel good, but they don't do you any good. They say you shouldn't even report a accident under $500.00. Raising your deductibles will lower your premiums. Take that savings and add it to your savings account!

The DOW up 3 days in a row!

It sure is nice seeing the DOW up 3 days in a row. I'm not sure what that means, but maybe it's a sign that the economy is going in the right way. This doesn't mean that the recession is over, but I think that it is a good time to start to buy mutual fund shares. I never stopped through out this whole economy turn down. I know that if the US thrives once again, my mutual funds will be a great investment. I have never been one to buy individual stocks because the risk is to great. Besides, I don't like to have all my eggs in one basket. Now is the time to start building up your net worth. I think CITI Bank showing a profit has the bulls running once again.