Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
To those here just starting here is some hope for you. I never made a lot of money. I am not only grossing $70k now but my income started off low. I have worked for the same employer since 1987 and I started saving in 1988. I put in a paltry 5% of my income and was matched by 5%. I eventually increased it gradually to 10% without my wife's consent. I briefly put 12% until the wife complained. That lasted about a year.
If the funds are strong think of your investments as buying shares. The more shares you own the better. If you are buying regularly your share investments vary. In your buying your shares increase. It is re-invested and more shares are bought. That is how compounding works.
Investing in individual stocks can be rewarding but intensive. Using funds like a mutual fund is IMHO a better way. I am sure there are many here that will disagree.
It is the last few years that I have seen the most significant growth in my 401k. That is because the share prices finally reached the high point it was in the beginning.
Enrolling in 401K is usually not limited to certain times of the year. I'd check to see if you can start now. You are literally leaving 6% of your salary on the table if you dont do it.
Enrolling in a 401k does require being in a company a period of time. She is young and she will get it. Jerseygal do not get discouraged. You can do it. It is important you start now. It is much harder later to get a decent base. Every bit you can put in buys you shares. Those shares will go up and down in value. Leaving that money in compounds it buy the manager reinvesting dividends and growth into more shares. Use percentages instead of a fixed dollar amount. If you do when you get a raise your deposit will increase as well. If you use a fixed dollar amount by the time you realize it you will have expanded your use to your new income and won't be able to give it up.
The only last advise is to not panic when you see drops in your fund amounts. Remember it is really about shares not prices at your point.
To those here just starting here is some hope for you. I never made a lot of money. I am not only grossing $70k now but my income started off low. I have worked for the same employer since 1987 and I started saving in 1988. I put in a paltry 5% of my income and was matched by 5%. I eventually increased it gradually to 10% without my wife's consent. I briefly put 12% until the wife complained. That lasted about a year.
If the funds are strong think of your investments as buying shares. The more shares you own the better. If you are buying regularly your share investments vary. In your buying your shares increase. It is re-invested and more shares are bought. That is how compounding works.
Investing in individual stocks can be rewarding but intensive. Using funds like a mutual fund is IMHO a better way. I am sure there are many here that will disagree.
It is the last few years that I have seen the most significant growth in my 401k. That is because the share prices finally reached the high point it was in the beginning.
"Wife complained"....story of every man's life.
Less money to "spend" and you will get an arm and a leg full from your wife/GF. Just another day. Lol
Less money to "spend" and you will get an arm and a leg full from your wife/GF. Just another day. Lol
Enough with the stereotypes. I'm a wife, and I had to nag for months before my husband finally went and changed his contributions to be 15% (from 10%). Excuses ranged from "I forgot my password" to "I'm not sure what is the max allowed contribution". Financially savvy individuals can be of any gender/marital status .
Enough with the stereotypes. I'm a wife, and I had to nag for months before my husband finally went and changed his contributions to be 15% (from 10%). Excuses ranged from "I forgot my password" to "I'm not sure what is the max allowed contribution". Financially savvy individuals can be of any gender/marital status .
If you say so!
I know women who spend tenfold what men spend, but that is another day, another topic.
I know women who spend tenfold what men spend, but that is another day, another topic.
Back on topic:
I have no money in my 401k as of yet.
Agreed! I'm 36, my husband is 37. I have about 97K in my current 401(a) and previous employer's 401(k). My husband has about 40K between his 401(k)s. His is pretty low due to him working in start ups for several years and not having 401(k) through employer. I think it was worth it, since he increased his earning potential significantly through his experience.
Enough with the stereotypes. I'm a wife, and I had to nag for months before my husband finally went and changed his contributions to be 15% (from 10%). Excuses ranged from "I forgot my password" to "I'm not sure what is the max allowed contribution". Financially savvy individuals can be of any gender/marital status .
Yes they can. In our case. We have been married 32 years and we are a nice compliment to each other. My wife is great with day to day money management. I am good at the other though I know my wife could do both. I can't do it quite like her. Now as far as long term management I did lots of research and reading. I picked up tidbits here and there. I kept my cool where the wife worried. I kept her from panicing so here we are. So close to retirement that I can almost taste it.
talk about tasting retirement I have a count down clock right on my computer.
506 days, 6 hours, 38 minutes ,16 seconds as of right now to retirement.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
Arm and Leg
