Retirement Savings Plan – How To Start Your Own
Your future financial security is dependent on having a retirement savings plan. Where to put the money is not the issue. There are many places to put your retirement savings. How to actually create the funds to put there is the question. Here’s how to start one for yourself, RIGHT NOW!
The old adage, Pay Yourself First, is without doubt, the best financial advice you’ll ever get. If you don’t pay you, who will? How do you do that? Here’s how.
Out of every bit of income that you make, take 10% off the top and put it in an account that you have designated for your retirement savings plan. This is more than likely a scary idea for those with debt and past due bills to pay. My advice? JUST DO IT! You will find that you CAN operate on 90% of the income if you decide you are going to. As the weeks and months go by, you’ll find you have adjusted to operating on less money.
The biggest benefit of this self imposed retirement savings plan is the financial security and peace of mind it gives you. You won’t worry so much about money. You will actually start sleeping better at night just knowing the cash is there.
Do you think the whole 10% is an impossible place to start? Take a look at your income from a slightly different point of view. Go over all of the vendors you pay out of your herd earned money every month and get the idea that those vendors are all on your personal payroll. Is there anyone you can terminate and operate without? Is there anyone you can cut back from full time to part time status? Just look at the bills that come in every month, and/or those automatic deductions from your accounts and you’ll see exactly who is on your ‘payroll’.
Here is an example. I was working with the owner of a business who was having a tough time cutting company expenses by 10% to fund his retirement savings plan. We looked at each expense from the viewpoint that the supplier was on his ‘payroll.’
Right away we were starting to play a game of firing vendors like the extra $9.95 per month third-party fraud protection on each of his credit cards. We cancelled the expiring contract on some advertising that wasn’t bringing in any new business and found a less expensive alternative and saved $280 a month. We consolidated part of his debt to a low interest loan and saved over $300 in interest charges every month. We sold a lease-purchase piece of equipment he was not using and paid off the note. That saved him $239 a month. We even switched banks and moved his accounts to one with no monthly account charges and got the old bank off his payroll to the tune of $25 a month. Now he has a nice pension fund building up each month.
Why is it so important to be in control of the flow of money? It is the energy and life blood of a company. It is necessary to channel it through the income producing areas first to keep it running smoothly. Everything runs smoother when enoughcash is available. And that includes you, the company owner. The Money Management Solutions software guides you towards making the most advantageous decisions about how to use your money to make more money.
You can make a fun retirement savings plan building game with your company’s cash just by changing your viewpoint about how you will use the money. Be the Donald Trump of your own organization. Take a hard look at who you are paying out of your hard earned cash flow. Don’t be shy about saying ‘You’re Fired!’ and pay yourself 10% first by setting aside that cash in your own retirement savings plan.
Sandra Simmons, President of Money Management Solutions, has years of experience helping professionals and families manage their income to eliminate debt. To learn more about the Money Management Software she created, watch the FREE 5-minute demo video on her website at www.moneymgmtsolutions.com
- Sandra Simmons
[...] I own Seasons 1 & 2, and I loved it. Absolutely encouraging show. It was the battle cry for families – life is challenging but we’re in it together and this thing called family is worth it! You saw the support they got from their friends and family – the old adage, it takes a whole village to raise a child? Well, there was a small army here raising these eight kids. But now there seems to be no community, no counseling, just hitting the breaking point and … breaking up. Giving in as if it’s inevitable, as if [...]
I think this is fantastic news for all concerned and it is about time too
Our country has treated our folks in their autumn years quite bad compared to ther countries
I mean they get an extra £10 in winter to cover the costs of heating that is appalling and an insult to the people who have paid taxes all of their lives ..
I am also pleased about the younger disabled people and the possibilty of being allocated a personal budget
I have to say though i will believe it when i see it as i am quite cynical [...]
ryan is a really good teacher, he teaches and explains the content from every single different point of view to ensure that every student gets it, and even if you dont get it the first time he is willing to answer as many question as you can come up with to ensure that you understand the4 content. it is a true statement that i learned more in his lab that was held once a week than in my lecture that was held three times a week.
So…if we don’t agree with your point of view we are uneducated and uninformed? The sanctimonious blanket that you cloak yourself in PJ perpetuates your ignorance. You surround yourself with only those who are looking to be indoctrinated by you or those who wear the same blanket and bang the same drum.Most of us who have seen 50 years on the planet recognize the methodology: brow beat those around you to convince them yours is the only righteous opinion. It may have you feeling very confident in your superiority, it will also likely grow very lonely. The more you circulate [...]
magandang Business Finance case study, medyo blurry lang ang context d masyado nakikita or sa? monitor ko lang talaga.
My boss wants me to become a in his business. But his financial advice worries me.?
The rest of your question possibly be useful. I recommend a under conditions. You would literally put you financial life in his hands. If that makes you you have your answer.
~~Which would benefit you the most in what you are wanting to learn. Personal financial management would be better if you are hoping to be a consultant and help others manage their finances well. The personal finance would be to help you learn how to handle you own in the best manner.~~