You don’t have to inherit a trust fund or run a business empire to become a millionaire. According to the 2014 Fidelity Millionaire Outlook Study, specific money-related behaviors can enable you to accumulate significant wealth, counted in the millions of dollars by the time you retire.
Category: Retirement Planning
The Roth IRA has rules that benefit investors of all ages.
If you’re young and need extra cash, you may be able to extract Roth IRA contributions (tax- and penalty-free) to pay for a new house, car, or bicycle; if you’re retirement age, you may be able to withdraw money without paying taxes. Plus, there are beneficial rules for those who are between starting out and spending down assets.
When I was younger, I was often told by financial professionals that I needed to set financial goals. I heard that I should first define my life ambitions. Next, I needed to marry my professional and personal aims with specific financial goals. Then I could plot my path to achieving my dreams.
However, when I was in my early twenties, I hadn’t yet gotten clarity on exactly how I might spend the next 30 to 50 years of my life. More than three decades after my first awkward conversation with a financial professional, I’ve learned that I am (relatively) normal.
A few readings have compelled me to clarify my position on financial advisers plus tell cautionary stories. My experiences may help others understand what they may want to consider when engaging a professional to provide guidance on financial matters.
The impetus for this series was the #YourTurnChallenge on Seth Godin’s blog. The challenge is to write one post every day for seven days, starting today. After some contemplation (and despite a full schedule), I decided to accept this challenge. I thought it would be enlightening to readers and cathartic for me to write about my experiences with financial advisers.