by Whynot 16 Replies latest jw friends
People seem to think that saving money is only for well-off people. If you start with ANY amount out of your, or your husband's pay each week, and stick to it, you will see that it builds up nicely. This is NOT rainy-day money, or new -set-of-tires money! It's your savings that will compound interest for many years to come (in your case.) At the end of each year, you can roll it into an IRA or similar, and cut your tax bill.
What are you waiting for?
There are lot of great free resources for financial planning/advising out there. Check out your state university's extension page for any type of family and community department- most have short online programs for free that give you the basics. I know of one in particular- if you pm I can send you the info. There are also community education classes in local colleges that usually have some sort of finance class.
Now, getting some sort of education- whether it be a certificate or degree is easier than ever and will help a lot until you are ready to join the workforce again. There are online/weekend/evening classes available and you might even qualify for financial aid. It's totally doable. I did it while working and raising kids on my own. You have the support of a husband.
I personally feel education is the best route to go- the difference is just huge when you are looking for a job. Right off the bat you can access more job opportunities that have a degree requirement. Second your pay is going to depend a lot on your degree and experience. I agree so much with scratchme1010. Let go of that mentality of accepting "crumbs". That false humbleness that JWs have....oh just give me that crumb that fell off the floor, I'll be happy with that. Why? why not go for the gold? why not aspire to do more than entry level work? And this is coming from someone who did the grunt work and worked my ass off. It was totally worth it. I know it can be overwhelming, especially with few role models and examples when you grow up JW. But with information at our fingertips and resources, you can really set yourself up no matter what background you're coming from.
We just started investing last year. After quite a bit of research I settled on Roth IRAs for each of us in Index Funds that mirror the market (top 500) and some growth stock through Vanguard. Easy to do yourself, good returns, very low fees (always watch fees, they'll eat up your returns).
Index / tracker funds that have low costs are generally the best - avoid the funds that your bank may promote as they are often best for them, not for you. Charges and fees really eat away at your investment gains if you let them.
It's never too late to start saving what you can and taking advantage of whatever tax breaks you get because of it.
It is hard though because it's often a stretch living for the 'now' but go through your finances and look for things that you can cut-back or cancel. There's rarely one huge things that you can save on but if there are lots of small $10 things going out of your bank each month those can really add up.
Great thread! I left the org in my early 40s. Been selling online line for the past 15 years. I sell used merchandise from thrift stores, flea markets, etc. I have made close to a million dollars. No exaggeration.
"keep your mouth SHUT about your business and what you are doing!!!" sound advice..
It is never too late to start a retirement plan. I took out a rp years ago that gave me great peace of mind incase I was killed and then my wife and kids would have the ability to pay for the house have a decent safe car and pay for education etc I saw doing so as a sound protective thing to do, a duty if you like.
The jw bemoaned this and it was "the govt will get it all" or some such. Well if the economy goes arse up to the extent that the govt grabs the lot so be it until then my rp pays me a sum every month and it that that helps me pay for private medical cover, this computer and other things that witnesses never consider like major car repairs.
Your thinking is sound but take on board the above advice. Go back to work? Its your business but you will get jw who make it their business while they live in self prescribed poverty.
education? Brilliant! A friend of mine makes a nice earner doing hair styling from home or visits some customers.
please keep in touch I for one like to hear positive input.
There's rarely one huge things that you can save on but if there are lots of small $10 things going out of your bank each month those can really add up.
A written cash budget can help. There are a number of great free budget templates online. I started one for curiosity over ten years ago, and never quit. Keep all your receipts and enter them in the correct categories. Keep track of everything, including cash for little things like a cup of coffee etc. You will see quickly WHERE your money is going and you can make needed cuts before expenses get out of hand. Cash "leaks" are the most wasteful and easiest spending to control...with a written budget. After I did this instead of always having an empty wallet, now I find that there is ALWAYS cash in it, and most of the time more than just a few dollars. Of course it will take discipline, and a little time, but the rewards can be great.
