I had a conversation with a client recently and he made a comment that stuck with me, 'We talked about doing this 20 years ago but never got around to it. I guess two weeks becomes 20 years pretty quickly.'
In the financial planning world I see this quite often. Mostly because people don't talk about money or they don't feel they can afford saving for their future at this point in time. But if now isn't the right time, when will it be?
So picture yourself in 20 years. What are three financial things you can do in the next two weeks to help yourself in 20 years.
Here are some simple ideas some of my clients have had success with and that you may want to consider;
- getting a match on their workplace retirement plan
- opening an investment account and putting as little as $100 per month away
- paying a little extra toward their mortgage each month
- opening a college account for their young children
- putting money away every paycheck in a savings account at a bank not linked to their checking
- talking about money with their parents/children on a regular basis
- open up an IRA with tax return dollars
- open up an IRA to deduct on your tax return
- making out a Will or Trust to carry out their wishes at death
- figuring out where they spend their money
The list could go on and on. The real simple answer is start now. Consider starting with something you can afford and revisit from time to time. In 20 years you'll be glad you did.
Enjoy the day!