Building wealth this year needs focus and dedication because investment trends have changed as people develop creative ways of making money. You need to remain focused, dedicated, and with the right knowledge to make a great investment that will give you a bang for your buck.
The way we spend money is very similar to the way we eat food. If something looks appetizing, we consume. Sometimes we can go overboard and indulge too much. That’s when the unhealthy aspect kicks in. As it pertains to food, you begin to gain additional weight – financially, the additional expenses that you’ve created for yourself begin to weigh heavily on you. When that happens, then it may be time to shed some pounds to get back on the right financial track.
We're told we're supposed to save diligently for retirement during our working years, and socking away funds in a 401(k) is a great way to do so. If your employer offers a 401(k) plan, you can consider yourself lucky. And if that 401(k) comes with a Roth savings option, consider yourself even luckier.
Saving money is a big goal for all of us. So in a single-parent family, when one parent bears the responsibility of raising kids and making financial ends meet, saving for something like your own retirement might be further down the priority list compared to your other financial goals.