Freedom Financial Network Could Help You Prepare for Retirement "Credit News 24"
While many millennials have developed good savings habits, their reasons for saving are not the same as previous generations. They enjoy a lifestyle that includes travel, eating out, and staying fit. And they are often more inclined to save for these things than for retirement.
In fact, a recent survey reported that 72 percent of those asked admitted they did not know as much about saving and investing for retirement as they should. But, before you can begin investing for the future, you need to take care of your current cash flow. This is an area where Freedom Financial Network could help you prepare for retirement investing.
Steps to Improve Your Cash Flow
There are several steps you should take before you begin investing. First, you need to build up an emergency fund. Ideally, an emergency fund should have enough money in it to cover three to six months of daily expenses.
While it may be difficult to save this much money quickly, with time and discipline, it is possible. Start small, putting aside enough to cover an expense you’d normally put on your credit card and build it up from there.
Speaking of credit cards, eliminating your credit card debt is another crucial step to improving your cash flow. Use your emergency fund for unexpected expenses and look for ways that you can pay down the credit cards.
You could do this by cutting discretionary spending and put that money towards the credit cards, or picking up a side job to help pay them off.
Additionally, Freedom Financial Network offers a program through its company Freedom Debt Relief, that could help you eliminate credit card debt. Over 400,000 people have already worked with this company.
Whichever method you choose, putting aside money in an emergency fund and eliminating your credit card debt are great steps towards successfully saving for retirement.
Tips for Retirement Investing
If you’ve established an emergency fund and tackled credit card debt, then you are in a good position to save for retirement. Whether you work for a company or you are self-employed, there are great resources and tools available to help you save and invest.
One of these is the 401K. If you work for a company that contributes to your 401K, take full advantage of this. After all, your company is giving you free money to invest!
These accounts are tax deductible and companies will typically match your contribution anywhere from three to six percent. Even if your company does not match, a 401K is still a great tool for putting money aside for the future and reducing your taxes.
Freelancers and self-employed millennials can also reap the rewards of a 401K by investing in a Solo 401K plan. Solo 401Ks are flexible and offer high-contribution limits with little to no setup or administration fees.
If you don’t have a lot to invest initially, that is okay because these accounts generally do not require much to get started.
The two key factors with any type of retirement investing account are:
1. Don’t withdraw money early. If you have an emergency, have funds set aside specifically for these types of things.
2. Let compound interest work in your favor. The sooner you can begin investing, the more you’ll have when you are ready to retire.
Position Yourself for Retirement Savings with Freedom Financial Network
While the idea of utilizing the free money from your company or earning compound interest sounds very appealing, it can also be frustrating if you are struggling with debt.
You see how money could be working in your favor, not against you, but getting to that point feels like a long and distant road. First, don’t give up. You didn’t get in debt overnight nor can you get out of debt overnight.
However, you may be able to relieve it quickly with help through one of the companies that are part of the Freedom Financial Network: Freedom Debt Relief.
It has been helping customers successfully resolve their debt and reach other financial goals since 2002, and they could help you too. With certified debt counselors who will listen to your situation and help you find the right solution, you could be on your way to freedom from debt sooner than you thought possible.
And with your debt resolved, you can begin building your future and your retirement savings.
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