026 Beyond Your Wedding Day Podcast-How To Get 1 Million Dollars or More

by mike on March 16, 2011

026 Beyond Your Wedding Day Podcast- How To Get 1 Million Dollars or More

Click Play Below or Right-Click Here to Download

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

In this episode of the Beyond Your Wedding Day Podcast, we continue discussing the book Smart Couples Finish Rich by David Bach. We discuss step 5 (chapter 5) entitled “The Retirement Basket”.

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!

Join the newsletter by going to the mikeyoungcoach.com homepage.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Previous post:

Next post: