Investing in Yourself
Investing in our future is something most American’s have been not giving due attention to in their daily lives. We can always easily look and say, “I can’t afford to do it right now, I’ll do it later on.” I waited far too long to begin planning for my retirement like so many others. And the level of retirement I will have has suffered enormously. But there was never anyone showing me how easy it can be, as well as how great it feels to watch my money grow.
I started out small here at Crete, only contributing about 10% of my weekly income to a 401k account. I am currently up to 20% and have gotten there by investing my pay raises over the last few years. I started out with a traditional 401(k) where my contributions were made on a pre-tax basis. I later switched all further contributions to a Roth 401(k) account where I pay taxes on my money upfront, but won’t have to pay taxes on the growth of the money over time as I begin to withdraw it at retirement.
Now I receive the tax advantages of saving for my retirement without a large portion being given back at retirement time in additional taxes. We all should start as early as possible to maximize our security in our retirement years. The earlier you begin, the less you will have to save over the course of your life. Investments compound over time, so the more time you give the money to grow, the more you will have with less investment upfront.
Get started now
Invest in yourself first. Or as the old saying goes, “Pay yourself first.” Put the money you work hard for to work. Give your money a job of its own. To go out and make friends with more money and to come join you. Sounds comical, but it works. There are countless strategies you can use, and still, the most important step is to just get started. Crete will match a portion of your investment and add an additional contribution to the annual Profit Sharing Plan. And that is all extra money to you for the future.
We make better than the industry average as far as driver pay here at Crete Carrier, so why not put some of it away for our retirement? Sometimes, you need to reevaluate your financial situation and ask yourself a few questions:
- Am I living above my income level or below?
- Am I spending more money on the little things I want at the moment?
- Am I buying things impulsively based on advertising?
Small changes in spending habits can lead to more money being available to save and invest. You may have to make some sacrifices along the way, but the payoff at the end of the road will be worth it.
Whether you invest in a 401k, precious metals or other types of investment opportunities, the important thing is to get started. Give yourself the biggest gift you ever could, future financial security. Invest early, invest often, and invest in yourself. Twenty, thirty or forty years from now, you’ll be glad you did.