The desire to be comfortable and solvent in the golden years is a universal one. But with the way that government is headed, it is not smart to rely just on Social Security. If you are a young millennial worker, it might not even be there for you when you retire. So you need to explore and understand other options. The Roth IRA might be the way to go.
Funding your Roth IRA should be a priority at all financial stages of your life. The more money you can put away, the sooner you can start taking advantage of compound interest and making your way towards financial freedom.
SAving money is not an inherent skill handed down through the gene pool of wealthy families. It is a learnable skill that you can attain and nurture with practice. One of the best ways that you can start to learn how to save money, especially when you are young, is the idea of trading time for money. It may seem to be more convenient to take your food from a fast food restaurant on the way home from work, but the time that you invest in learning how to cook a decent meal for yourself every day will pay off in many ways.
First of all, you will be able to feed yourself with better and more nutritious food. You will learn new skills that can allow you to transform simple ingredients like chicken thighs, white rice, onion, stock and spices into arroz con pollo, which will feed you for days. The food will taste better, you will feel healthier and you will have more energy. And you will be wasting less money at restaurants. Even if they are fast food restaurants, the money you spend will add up over time.
Another way to invest your time differently is to learn how to do simple repairs around the house, so you don’t spend money on expensive handymen and contractors. Painting is the first thing that you can learn to do that will transform a room, add value to your house and take way less time than you think. It is a skill that you can learn from online videos and then practice until you get really good at it. And you can paint a whole room for under a few hundred bucks, instead of paying a professional a thousand dollars.
The next step you can take in your own personal DIY revolution is to learn how to do simple plumbing jobs around the house, like fixing a leaky faucet. That job is way simpler than you think, once you learn where the water source is and how to turn it off. Taking apart your bathroom faucet is simple and finding the right parts to repair it just means a quick trip to the hardware store.
With all the money that you save from learning new skills and investing time, you can put straight into your Roth IRA. That is the best way to make sure your golden years are happy and healthy instead of destitute.