Ways to put money aside for later? Ways to save if midlife age?

Discussion in 'Experienced Truckers' Advice' started by Intothesunset, Apr 24, 2019.

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  1. starmac

    starmac Road Train Member

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    Well, it could have gone like that if they had any idea that I had forgotten about it. lol
     
    starmac, Apr 25, 2019
    #11
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  2. Accidental Trucker

    Accidental Trucker Road Train Member

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    To answer your question: The best way to save money for retirement is in any tax-sheltered account is advised. That means IRA (regular, Roth or after tax), 401(k), 403(b).

    Any 401(k) match over 7% is good. Some companies even match 2 to 1. Anything 3% or less is lame.

    No, a 401(k) is NOT necessary. As a matter of fact, a 401(k) without a match has no benefit over an individual IRA, and comes with a lot of limitations, like a limited number of places to invest and you can't move it until you leave the company. Other ways to prepare for retirement include real estate. Stay away from gimmicks like gold, cash value life insurance, individual stocks, partnerships, etc. Invest in mutual funds and real estate. Paying off your house is investing in real estate.

    Saving is simply not spending everything you make. Create a budget with savings as a line, stick to the budget. A good target is 10 to 15% of your gross wages.
     
    Accidental Trucker, Apr 25, 2019
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  3. buzzarddriver

    buzzarddriver Road Train Member

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    buzzarddriver, Apr 25, 2019
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    tommymonza, X-Country, Intothesunset and 1 other person Thank this.
  4. Final Drive

    Final Drive Road Train Member

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    FeedThePig.org
     
    Final Drive, Apr 25, 2019
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    Intothesunset Thanks this.
  5. tucker

    tucker Road Train Member

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    I use this program.
    http://www.smartypig.com/

    It pays decent interest and it automatically withdraw money from my bank.
     
    tucker, Apr 25, 2019
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    X-Country, Chinatown and Intothesunset Thank this.
  6. Chinatown

    Chinatown Road Train Member

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    Chinatown, Apr 25, 2019
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    Intothesunset Thanks this.
  7. Midwest Trucker

    Midwest Trucker Road Train Member

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    Step 1 is get out of any debt you may have and pay cash for things from here on out. Then open a savings and start stashing money back.

    One common theme among most people who have amassed a a lot of money is no debt.
     
    Midwest Trucker, Apr 25, 2019
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  8. Chinatown

    Chinatown Road Train Member

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    [​IMG]
     
    Chinatown, Apr 25, 2019
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  9. Intothesunset

    Intothesunset Road Train Member

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    I am a fan of D. Ramsey.
    I do not have credit cards.
    Just about $10K in debt.
     
    Intothesunset, Apr 25, 2019
    #19
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  10. Intothesunset

    Intothesunset Road Train Member

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    Is this at Celedon????
     
    Intothesunset, Apr 25, 2019
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