@Experian A8. That’s a fool’s errand. Just like going on a diet, focusing on the weight you want to lose by a certain date usually backfires. Focusing on your daily habits of eating and exercising reap results. #CreditChat
@Experian A7. There is only one right answer: Maximize your match. Learn how your company match works. Then, make sure you claim every penny. #CreditChat
@Experian A6. Retirement investing is not something you can turn on and off as you travel through time. Just like brushing your teeth, you just do it everyday – saving and investing for retirement needs to become a habit. #CreditChat
@Experian A4. Debt and retirement savings and not equally weighted. That means you cannot balance one against the other. The trick is to think of retirement savings as more important than anything else you can do with your money – more important than spending. #CreditChat
@Experian A3. Spending money they don’t have (buying consumer items on credit). Not realizing how important time is in the savings equation. #CreditChat
@Experian A2. Age, which really translates into time. The number of years you have between now and retirement will determine your potential to build the wealth you need when you retire. #CreditChat
@Experian A1. Think ahead to a “future you.” As your future -retired-self if you have any regrets when it comes to saving for retirement. If you are like millions of retirees, the answer will be: I regret not saving for retirement when I started my first job. #CreditChat
A10e. The contest is live now. Enter for free. Three winners will be named 401(k) Champion with a cash prize of $1,000. https://t.co/s855MuQD5h #CreditChat
A10d. By the way, 401(k)s with matches accelerate compounding. If you are a knowledgeable 401(k) participant, you can share your story in a national essay contest I sponsor called the 401(k) Champion Competition. #CreditChat
A10c. And, if you can’t afford to participate, check out your tax withholding. Don’t think you can figure all of this out on a weekend. It takes time and effort and believe me, it’s worth it. You want to do what’s necessary to secure your future. #CreditChat
A10b. Now, the burden of funding a retirement has shifted from the employer (pensions) to the employee (401ks). While 401(k)s are hugely helpful in amassing retirement wealth if understood and optimized, there is work involved. You need to study your plan. #CreditChat
A10a. Don’t think that everything will fall into place by itself. Why? Times have changed – fewer lifelong pensions – longer lifespans – more complicated lives. . . #CreditChat
A7. Easy. Have multiple objectives working at the same time. Always, always, always keep the retirement objective going no matter what the other objectives may be. Why? Do not interrupt compounding. #CreditChat
A6. Excuses are the biggest obstacle. You can create excuses for not doing your homework, for not taking advantage of compounding, for not maximizing your 401(k). At a minimum, excuses delay action – in worse situations, excuses prevent actions. #CreditChat
A5c. You can’t go back in time to catch up on mistakes you made when you were young. Biggest mistake retirees regret making: Not taking full advantage of compounding by not saving/investing early enough. #CreditChat
A5b. But, most importantly, all generations need to pay greater attention to finance, especially retirement finance, since you only retire once in a lifetime and you don’t get a do-over. This is important stuff. #CreditChat