I'm 24, married with 3 kids, doing online sales business at home & my husband is an engineer. Its not so easy to save lots of $$, as I have 3 kids & hope to have 2 more but I do save about $400- $500/month. I have savings insurance for myself & kids. Own a 4-room & a car. Any suggestions?
2006-06-26 21:04:40 · 5 answers · asked by fifie girl 1 in Business & Finance ➔ Personal Finance
Financial Planning is the Key.
Next define your "retire early" & "live comfortable"
Knowing your NEEDs will give you a better direction
Well, money makes money, invest your money wisely.
Saving them in banks can only earn this much of interest.
Talk to banks and enquire about different saving plans.
Else, talk to your financial planner or "insurance agent" they do have investment and saving plans for you.
Of course all decision is yours. High risk = High gain.
or ultimately you can start up your own business.
2006-06-26 22:42:26 · answer #1 · answered by Stubertsg 3 · 0⤊ 2⤋
how did you & hubby get in such a situation?
you might be in dire straits...but its not too late.
(i was once in engineering too...but i'm glad i realised that Sg does not respect the great profession of engineering!)
it might be passe to suggest looking into this industry.
...but those who've failed before usually jumped on the wrong company...or at the wrong time...or associated with the wrong leadership / co-workers.
get involved in a successful organisation (preferably a public corporation) that itself is involved in the 3 Power Trends driving the world right now:
- the Internet
- products used by the "Baby Boomer" population
- & true GLOBAL Distribution!!
http://www.teaminmotion.net/guest.html
check it out and email me (click Nick on left)
your time spent on it, may set you up for a long time to come.
i'm the only one in sg involved at the moment...& legally.
join in Early for endless possibilities.
(in fact, many countries/states are virgin markets!)
only once in every 10-20 years does one chance upon a company going into momentum phase of this magnitude!
...like buying into Microsoft stock before Windows was invented!
2006-06-27 09:19:32 · answer #2 · answered by TM 3 · 0⤊ 0⤋
Check out some of Suze Orman's books. She makes the financial world comprehensible.
2006-06-27 04:31:29 · answer #3 · answered by Ursa D 2 · 0⤊ 0⤋
Max out tax-free and tax-deferred contributions. You can chuck $5k per year into an IRA, $5k into a Roth IRA (tax-free when pulled out in retirement!), and your insurance plan's maximum annual deductible in an HSA (tax-free when put in, no penalties when pulled either in retirement or to pay medical expenses).
Stay out of debt.
Talk to a competent financial adviser.
2006-06-27 04:10:10 · answer #4 · answered by kx_wx 3 · 0⤊ 0⤋
Read "Your Money or Your Life" It will help you create a mindset and lifestyle to help you be financially independent. I heard about this in the mid 80s and it has affected me ever since.
2006-06-27 04:09:42 · answer #5 · answered by msbluebells 3 · 0⤊ 0⤋