Also in this playlist...
This transcript is automatically generated
It is never too early to start planning for retirement -- fact earlier the better in today's take charge consumer protection segment.
We've got some life changing tips to help people in their twenty's prepare for the future Patricia Powell is -- founder and CEO Powell financial group.
So people 120 his advice particularly for me and creative drag where -- And so how much should people have in their retirement what -- -- aimed for and why did those people have too little.
Well a slow start with the last 11 if you don't do you don't mind people have too little because we just not hard wired to do this correctly.
We we wanna live in the now you know that -- issues that we want that gizmo the car we wanna have everything now.
And -- 1940.
Years seems so far away.
I can tell you comes up -- And and you have five steps two avoid the pitfalls of not having enough retirement money we can begin with the first one your first -- Is to find ways and you just kind of references to spend less money says -- don't buy that new -- issues right when you want him right absolutely.
You know we we we further away so much money and there's a million different ways you can do this -- just little things like.
If you have a car and you normally trading near Cardiff by the -- make it every sixty years if you going on vacation for a week make it six days instead -- seven.
Bring your lunch one day week to work.
I drink water instead of alcohol for a month.
-- all the money that you can say -- that in that regard you'd be in days without a Twitter are the week turns into after if you're forty years.
About a 154000.
Dollars with a little bit of earnings on it and you mentioned drinking water and sent out a -- -- lead you to your next tip which is to stay healthy stay healthy now I have to admit I'm a little bit of a hypocrite here.
So -- -- web -- to be telling people who didn't do what I say not as I do.
What you have to do is you have to eat right.
I mean come on we all know cut out the fat -- they eat the veggie -- they have the fruit in the grave.
It and certainly as we get into the new year we can all try again to do a better job this year.
But also move -- nine now you we always say check with your doctor first but.
Move more if you can walk to the post office -- -- the free public library what you're getting -- that -- -- that free dvd.
You can be fighting that twenty dollars a week at the same time you can be getting yourself healthy.
And that's he needed it we can all do that and -- -- your third hit invest in your career.
Absolutely you've beaten you what you have to realize is that the more education you have the lower your unemployment rate.
The lower your unemployment rate the more likely are to keep that job and should be making making money.
Take advantage of everything that your employer offers -- you.
I personally have my entire NBA in finance paid for by an employee when I was in my twenty.
You have to look for what opportunities are offered to you and take advantage of every one of them.
In the mean money to you in the short run -- also -- career and life changing.
-- -- in the long run but can't have this tip we can all do increasing your permanent retirement savings right most people get confused between temporary and permanent say -- not talk about the money goes in and it never comes out.
And this is where a young people have it all -- your authority side you have the power of compound lenient time on your side.
If you could just put in that -- thousand dollars.
A year that's twenty dollars a week.
You know in in -- -- it doesn't sound like much appearance -- said it only goes to thirteen thousand but you know what if you go 2030.
Forty years out and that's when you getting into retirement age.
That 1000 dollars it's you put in 40000 it's now behind it and and 54000.
And if you get the employer match on top of that you might have double that.
Very small things you do an early amounts up greatly and then if you start early don't miss it in the end that's so -- and keep learning finally right.
This this kind of segment that you're doing is one of those of the people watching are already doing it.
But keep reading and -- -- -- universities take clay says they are offering financial literacy classes I teach what -- -- William Paterson University.
And you'd be and they think how much we don't know where we're just start is starting out don't go to sales seminar Douglas bonafide financial literacy course perfect.
Lots of tips we got -- all of them we did -- I would think everyone to have a happy healthy and prosperous new year that's very good thank you semis pictures of how we appreciate it thanks for having me.
Filter by section