Your 401K Match Just Got Axed; Now What?
CEO Indra Nooyi is considering eliminating the company's matching contribution to employee 401K retirement accounts, as well as 4,000 layoffs.
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#1 Jan 7, 2012
Screw the 401 k. Bring back the defined benefit of a pension. I prefer Ira Rothschild over 401 Kodak . Pun. Yet relevant. Here's the best way I know to save for old age. 1. Buy a house, one you can afford as easily as possible. ( think 2 bedroom ) 2. Pay it off in 10- 15 years if you can, but a 30 year loan is acceptable too. 3. Bank one hour of your pay per day x's 7 days per week. Cant afford that, then do half or even a quarter of that. Put it in a index fund or anything that pays dividends, or even a C.D. Account. Think conservative. If your young, compounding interest will make your money serve you better.4. If you have a credit card, start another savings account that's sole purpose is to keep that credit card balance at $100 or less. ( you become your own creditor.) 5. Don't think about marriage or having a kid until your 30 plus. 6. Learn about the philosophy of Objectivism. Sure it's selfish but in my opinion, economically only the young, old and the disabled are entitled to entitlements. 7. Set a reachable age ,say 50. That you want to be retired or semi retired and shoot for it. You may reach it at 49 or 51. But as you get close to that age, and if your on track it really does change your perspective. You become less subjective to life. That's it. Also read the 7 laws of money , and rich dad poor dad, has some great tips too.
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