Communication is so important in any relationship. When we have our monthly review meetings with our Spouse or significant other one it can be a stressful time when money is involved. Seems hard for some couples to be able to openly discuss money and finances.
We can’t wait till the news has some positive news. LOL I know I am living a pipe dream. Between Coronavirus, Black Lives Matters riots and Arizona Forest fires there is plenty of negative news to hurt businesses and the stock market.
Maximizing your 401K each year after we are Debt Free is one of the rules and action steps that we teach our boys for them to head towards their Financial Freedom goals. It is Action Step 9 in our 10 action steps to Financial Freedom.
Coronavirus hurt the Business world even more in May even though all the States started reopening in some way or another. I have heard of many small businesses that have had to file bankruptcy and close their doors for good. A lot of dreams and retirement savings lost during the last few months. It is sad.
Some people ask the question if they would be better off investing in their own IRA rather than investing in their companies 401K plan? If your company doesn’t have a matching 401K plan then maybe that is for you. But what I see is that a lot of people lack discipline. What is nice about a company 401K is that it is coming out of their paychecks without any effort from them. They can just get used to seeing what their net check amount is to live on.
What Passive Income means to you may mean something different to others. Darlene and myself want to have many streams of passive income built up for our Financial Freedom plans. Passive Income if you don’t know is Income that you make with out going to work or doing work to get paid. Yes, maybe you did work once to do it but then after you do it you could be making money off that constantly the rest of your life.
Health Insurance is a major expense for some people. It is an expense we teach our boys to factor in their Financial Freedom plans. Medicare Insurance doesn’t start till age 65 so if we quit working before than we will need to buy our own policies.
Have you heard about Coronavirus yet? If not, you must be living in a remote Forest without a cell phone. Let’s try to forget the last few months look forward to April. Business industry is being shut down more and more each day.
March is over but upcoming months may not be any better. WOW, we are living in a wild time right now. I know our boys should remember this the rest of their lives. March again wasn’t a fun month if you have money in the Stock Market or in Digital Currency. As you know the Coronavirus is growing and it hurting people, businesses and our economy. For us we may not like seeing the stock market numbers but we know we are in for the long haul and we feel the stock market will come back sometime down the road and be even stronger than it was.
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.