I am an 18 year old single male who plans to become a pastor. Because I am going to be a pastor, I will not make that much money and I'm wondering if there are any money saving tips or deals or anything at all that I can start now so that I will not be... as broke... when I'm older. I want to do everything I can now to provide for my future family and be able to lead the type of lifestyle I want to. Thanks and God Bless!
2007-03-08 17:57:39 · 5 answers · asked by Kevin 2 in Business & Finance ➔ Personal Finance
Start early. The sooner you start saving, the more time your money has to grow. Put time on your side. Make retirement savings a high priority. Devise a plan, stick to it, and set goals for yourself. Remember, it's never too early or too late to start saving. So start now, whatever your age!
There are many different ways that you can save for retirement. There’s always the old-fashioned way of hiding money in your mattress, but there are probably some better ways to save for retirement that will also save you on your income taxes as well.
The best and most convenient way for individuals to save for retirement is usually to participate in a retirement plan sponsored by their employer. If your employer does not have a retirement plan, or if you want to save some money for retirement in addition to what is in your employer’s plan, following are some of your options:
IRA (Individual Retirement Account)– This is the most typical way to save for retirement, and probably the easiest. Most banks or investment brokerages will allow you to open an IRA account, where you then decide where the money will be invested.
Traditional IRA – Contributions are deductible from your taxable income and are limited to $3,000. You will be taxed on the money when you withdraw it.
Roth IRA – Contributions are also limited to $3,000. The contributions are not deductible but the earnings still grow tax-free. Because there is no deduction for your contributions, when you withdraw your contributions, they will not be taxed.
Keogh – This is a retirement account for self-employed individuals. You can choose to setup any of the plans that are available for businesses to setup.
Good luck to you!
2007-03-08 18:56:07 · answer #1 · answered by Mary R 5 · 0⤊ 0⤋
If you are going to become a pastor, then you know that you don't have to worry about money saving tips as God will provide for all your needs and He will also provide you with your future family. God Bless You!!
2007-03-09 02:07:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You would have to work out a church with other pastors. That's what pastors do. They must get some kind of an income by doing that. God bless you too.
2007-03-09 02:01:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The best thing you can do is use a budget. You can plan your spending and saving more easily using one.
I have one I've created in Excel. If you'd like a copy, just email me. I'm more than happy to share it with you.
And congrats on listening to your calling!
2007-03-09 09:48:39 · answer #4 · answered by boo's mom 6 · 0⤊ 0⤋
Save as much as you can now and let it grow for retirement.
Take some time learning economics, budgeting and managing money.
2007-03-09 02:07:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋