Emergencies funds is an important part of our Financial Freedom plans that we have. We want our Money working for us the best it can and still be able to get to some of it that we may need for Emergencies. Money hit under your mattress doesn’t earn anything or even can be worth less next year because of inflation.
For our family Roth IRA’s and Roth 401K’s are currently our best option. We are a huge fan of them. It isn’t for everyone but we stress to our boys to start with Roth Retirement Accounts early to help them towards their Financial Freedom goals.
Most people probably would say they love and care for their family and friends. Myself I like to solve problems because I don’t like to see anyone suffer. Especially when it is my family or friends. It normally has felt good when I could help them out with loaning people money but then normally those feelings go away and new feelings of pain seem to set in.
Many people do not have enough money in their bank accounts to pay for a $1,000 car repair bill. I have worked with and talked with so many people that had less than $100 in their checking and savings account. Many had no retirement savings either. I have heard that one out of four people have no emergency savings fund.
Once debt free it is important to stay debt free. This is one of the lessons we teach our boys. It is easy to get back into debt if you let yourself once you are debt free. I know this from personal experience. I let myself do this several times until I got tired of the rollercoaster of debt and jumped off.
Everyone has different situations that can affect when they choose to start taking Social Security payments. Some of my friends started at age 62 and some waited till age 70. For your situation it would be good to visit with your Financial Planner and your local Social Security Office.
We just showed the boys again today how we were over charged at the store. It was only $4.20 on that trip but like we told them that $4.20 if it happened each week it would add up to $218.40 in one year.
Some people don’t like to think or talk about their own budget. They may feel like it is work to do or they feel they won’t have anymore fun in life if they start following a budget.
Down here in Arizona I have golfed with so many people that had plans on enjoying retirement and playing tons of golf but things happened with their adult kids that they had not planned about.
Have you ever co-signed on a loan for someone before? If so, how did it work out? I have had many friends that co-signed loans from student loans to personal loans for their kids, relatives or friends and some of those loans they ended up having to pay them off. I co-signed on a couple of loans and they both worked out but at times I lost sleep worrying about getting stuck paying for them. I tell myself I won’t put our family in that position again.