“Make sure you’re saving for retirement!”
How many times have you heard that? Of course, saving for retirement is really important because you have one chance at getting it right, but…you can’t get to “Step III Saving For Retirement” without taking care of steps I & II first. See the below video for Mike’s discussion with Dan Mulka, Executive Director of the HCBA, about this very important topic.
I. Debt - High Interest to Low Interest
Credit cards
Student loans
Personal property loans (auto, boat, RV)
Home loans
II. Emergency Fund
- the number below serves as a multiple of your average monthly living expenses -
3 - 6 months for single, no dependent
6 - 9 months with a dependent
8 - 12 months for a single income family or larger family
III. Saving for Retirement or College
- which one is more important? -
college is nearer, but many forms of funding are available
retirement is further, but you can’t get funding for retirement; it is on you to save for it