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Hello, I am having a moment of panic feeling like I'm way behind financially, especially when it comes to investing and retirement planning.

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Anonymous

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Hello, I am having a moment of panic feeling like I'm way behind financially, especially when it comes to investing and retirement planning. I'm in my 40s. I've had a series of jobs where I was undervalued, and I live in a very expensive city where I was living paycheck to paycheck for most of my adult life. Due to medical issues, I had to resign from my previous employer. (no future growth, and medical leave wasn't an option at the time) I am married now, my husband does well and we're planning on starting a family in the next year and taking some time to be with my baby. However, I still want to make wise financial decisions. I'd like to learn more about investing and how to maximize my savings for retirement. Is there a reliable, vetted online resource I can use? Paid resource is ok if it's worth it. TIA

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  1. Anonymous

    If you like podcasts, I would start with "Bad with Money" by Gabe Dunn, and I would also checkout "Your Rich BFF".

  2. Anonymous

    1. Without fail save 10% of every dollar you make and sock it away in a Roth IRA starting right this minute. Do not touch that Roth IRA until you are over 65.

    2. Open the Roth with Charles Schwab or another discount broker. I’m assuming you have at least $2500 to start the Roth (I think that may be their minimum) if not ask your husband for the money to start it. Hopefully he has his own and a 401k.

    3. Once opened invest in a low cost S&P 500 mutual fund which tracks the index. Vanguard has a good one. Let the money continue in that vehicle until you have $10000. 00 in there.

    4. In the meantime get yourself educated. Start with the basics. Get yourself an “investing for dummies” book. Read articles by Warren Buffet.

    5. When you do go back to work make sure that you take advantage of the 401k plan. That is usually instant return on your investment if the company matches.

    6. You will probably have a lot of fun learning about how money works and investing and may become a real nerd.

    7. Successful investing is boring in the sense that you must stay away from get rich quick schemes ( MLMs). Individual stock tips ,…until you have real money that you can afford to lose.

    8. Read or listen to podcasts about successful investors and scams. The scams out there are incredible!

    9. Have fun and good for you for wanting to edcucate yourself.

  3. Anonymous

    You have good financial advice and I'm not someone who could speak to that, but I wanted to chime in and say that you should not feel guilty or lesser because you were not able to contribute to savings meaningfully while you were out here surviving. Maybe I'm just speaking to myself a little bit here, but just because we can get advice and guidelines from those who might have had it a little easier doesn't mean *we're* doing something wrong by surviving!

  4. Anonymous

    Another podcast to consider is "Women and Money" from Suze Orman...And it's free. It's never too late to start!

  5. Anonymous

    Check with your own banking institution. They often have financial planners on their roster and can sit down with you in a 1-1 and help you to realize the future needs of your family and also to walk you through and educate you on where you are against those goals. They usually do this for free. Also most public libraries have seminars and bring in educators to help the community. At this time of year if you are in the US there are a lot of them available especially since it is tax time. Good for you for realizing this before it becomes an issue.

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