Many Americans have not saved for their future, what is the best way for a forty year old to try and catch up?

Answer 1

You are right, there are people at age 40 who have not saved for their futures. It may not feel like a good place to be--yet, the longest journies begin with the first steps.

Most experts would say start with looking at the goals you have for the future life you wish to have. They also say that everyone should "pay themselves first" from every paycheck. One recommendation I have heard recently is that women should put a minimum of $50 into a savings account every month.

Decide your priorities. Experts would also say that you need to carefully analyze the way you are spending the money you have. It would seem if you are going to "catch up" you will need save some money so that you might grow it through wise investing. This means, that you have to decide what you not going to spend your money on, so that you can put it in your savings account. Sometimes, tough decisions --and lifestyle changes are required.

Read books and listen to speakers about finances. Although Suzi Orman's appeal is primarily to women, what she says in her "tell it like it really is" way is good stuff for people of both genders.

One other thought--talk to someone you trust who has made some wise financial decisions. Ask if this person would recommend a good financial advisor--but be sure to use common sense. Not every piece of advice you are going to get is going to be right for you!

Hope this helps somehow! Good luck!