Retirement Archives - Page 3 of 11 - Making Sense Of Cents

20 Ways I Saved a 20% Deposit To Purchase My First Investment Property At 20

May 26, 2017 BY Michelle Schroeder-Gardner - 33 Comments

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Michelle's quick note: Today, I have a great blog post on how to save money for a large deposit from Rachael, who is a long-time reader of Making Sense of Cents. Rachael purchased her first investment property at the age of 20 by saving for a deposit and found many great ways to save for the 20% deposit. Below is her blog post. Enjoy!

I bought my first property with a 20% deposit when I was 20. I started saving for a deposit with my money, my parents never gave me a cent. How did I do it? I bought my first investment property with a 20% deposit when I was 20 years old (admittedly I was 2 weeks shy of turning 21!). I accomplished saving for a deposit with my own money, my parents never gave me a cent. So how did I do it?

1. The first thing I did was start applying for jobs as soon as I turned old enough to get a job. I started working when I was 15 as a checkout chick at Woolworths. Not very glamorous, a bit boring and repetitive but I was earning money! I worked about 10 hours a week during my last 2 years of high school, and worked around 20 hours per week during the school holidays. I worked at Woolworths for 3 and a half years and saved a good chunk of the money I earned.

Related: 75+ Ways To Make Extra Money

2. When I worked during high school the only time I would ever say no to a shift is if I was sick or had an exam the next day. It didn’t matter if I didn’t want to go to work (does anyone ever actually want to go to work?) I hated that job but I wanted a property so I went to work. [Read more…]

56% Of Americans Have Less Than $10,000 Saved For Retirement

April 10, 2017 BY Michelle Schroeder-Gardner - 57 Comments

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Is saving for retirement important? Some people think so. But, if you love spending all of your money on things you want right now, like lavish vacations and designer clothing, then maybe learning how to save money for retirement isn’t for you.

Just kidding, that's horrible advice.

Your future is very important and you can significantly damage it if you are only thinking about the present.

Let me tell you again, saving for retirement is extremely important. If you keep putting it off, it's only going to get harder, and it'll most likely add a lot of stress to your life.

Even though prioritizing your future is important, the average person is behind when it comes to saving for retirement.

Saving for retirement now is important for many reasons, such as:

It can help make sure you aren't working for the rest of your life.
You can retire sooner rather than later.
You can lead a good life well after you finish working.
Compound interest means the earlier you save the more you earn.
You won't have to rely on your children or others in order to survive.

As you can see, saving for retirement is very important. [Read more…]

How To Get Rich: The Steps To Build Wealth Now

March 29, 2017 BY Michelle Schroeder-Gardner - 37 Comments

This post may contain affiliate links. Please read my disclosure for more info.

The average person probably wants to learn how to get rich.

The average person wants to learn how to get rich. If that's you, read more here so that you can learn how to become rich with no money, at any age, etc. Read this if you want to learn how to get rich quick and fast, make more money, learn new ideas, how to get rich young, my best tips, and more! While many think figuring how to get rich may be impossible, I'm here to tell you that it isn’t. And no, you don't need to win the lottery or become a professional athlete.

The meaning of wealth and being rich means something different to everyone. For some, it means having lots of money, for others it may mean having a positive net worth, and for others it may be to retire one day.

Whatever your definition of “rich” is, everyone has the potential to build and improve their financial situation.

If you want to be rich one day, then you'll have to form good financial habits now, work hard, and reach outside of the norm.

Learning how to get rich won't be easy – but what good things come easy anyways?

For many people, learning how to get rich may seem impossible and completely unattainable, but that’s simply not true. [Read more…]

How This 28 Year Old Retired With $2.25 Million

March 20, 2017 BY Michelle Schroeder-Gardner - 73 Comments

This post may contain affiliate links. Please read my disclosure for more info.

This woman retired early at the age of 28 with $2.25 million and still lives an incredibly luxurious life. Here's how she reached early retirement.

I’ve recently decided to start a new series where I interview people who are doing extraordinary things with their lives. First up, I have JP Livingston, who retired at age 28 with a net worth of $2.25 million. And, her net worth is still increasing!

Of that total, 60% of her net worth came from saving, while 40% came from growing her money through investing. This is why investing your money is so important, and it’s how you really allow your money to grow for you!

JP grew up listening to stories about financial insecurity during her parents’ upbringing. The freedom that early retirement brought really appealed to her, and who doesn't want to retire early anyways?

She is now retired at the young age of 28 and says that she still lives “an incredibly luxurious life.” And, she managed to retire early while living in one of the most expensive places in the world – New York City. [Read more…]

Are You Better Than Average?

September 28, 2016 BY Michelle Schroeder-Gardner - 55 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Over one year ago, I published the blog post Money Statistics That May Scare You. In case you missed it, here is a refresher:

68% of people live paycheck to paycheck.
26% have no emergency savings.
The median amount saved for retirement is less than $60,000.
The average household has $7,283 in credit card debt.
The average student loan debt is $32,264.

Since then, I have come across other money statistics that have surprised me.

I do a lot of research as a personal finance writer. I come across money statistics that surprise me, make me sad, and some that make me worried.

The money statistics in this blog post might surprise you, but I want you to be aware of them so that you can be better than “normal.” [Read more…]

Do You Know Your Net Worth?

September 12, 2016 BY Michelle Schroeder-Gardner - 40 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Do you know your net worth?

If you don't, you should.

According to the Association for Financial Counseling and Planning Education, only 5% of people know their net worth. That number just seems crazy to me!

However, I believe it.

There have been many times when someone has told me that they have no idea how much debt they have, how much money they have saved, what their assets are worth, and so on.

Even more shocking, some can’t even give me an estimate and have no clue whatsoever about what the amount would be. Or, when they do give me a number, their significant other chimes in about how they are extremely wrong. [Read more…]

Why You Should Spend Like A Millionaire- The Frugal and Smart Money Habits of Millionaires

August 29, 2016 BY Michelle Schroeder-Gardner - 58 Comments

This post may contain affiliate links. Please read my disclosure for more info.

You may have shook your head when you first read this title. However, hear me out and continue reading to learn more about the habits of millionaires! The rich are rich for a reason- most of them know how to manage their money correctly.

Sure, there are stories about rich people who spend their money like crazy and end up in bankruptcy.

But, surprisingly, the average millionaire is frugal, and they know how to manage their money well.

Related posts:

Here are some examples of millionaires and billionaires who are frugal:

Warren Buffett lives in a house that he bought in 1958 for around $30,000.
Mark Zuckerberg drives an Acura.
John Caudwell (worth $2.7 billion) rides his bike 14 miles to work every day and even cuts his own hair.
Jim C. Walton (son of Walmart founder) drives an old truck with no air conditioning.

[Read more…]

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