026 Beyond Your Wedding Day Podcast- How To Get 1 Million Dollars or More
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Don’t plan on the government providing your retirement.
Pay yourself first!
*Put a certain percentage of your income into a tax-sheltered retirement account
2 types of tax-sheltered retirement accounts: employee-sponsored or individual
401k or the 403b (for non-profits) are the most popular employer-sponsored plans
*You have to sign up for it at your employer!
*You can borrow against it using a 401k loan, but that is NOT a good idea!
*Picking mutual funds within your 401k is the best option for an investment
*Don’t just ask your other coworkers where they put their money, ask for a professional to help you decide
*If you leave your company and have a 401k plan, do a direct rollover to a IRA
A traditional IRA is one option for an individual retirement plan
A Roth IRA is another option and is usually the best choice
The most important advice: never buy an investment you do not understand!
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