The moment that changed it all
Even though I was almost certain there wasn t any possible way to tackle our debt, I couldn t shake the feeling that we d need more financial flexibility as a permanent part of our lives.
That feeling was soon validated with the birth of our first child. As soon as she came, I realized that I wanted to be a stay-at-home mom for as long as I possibly could. My husband was in agreement.
Sadly, I do remember the joy of giving birth
almost being overshadowed by the fear of not being able to achieve this dream. For many months after her birth, I dreaded when the clock would run out on our finances, forcing me to work outside the home.
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use the money for? And when?
Your goals and time horizon as well as your tolerance for risk should determine the type of investment you choose, whether individual stocks, a mutual fund, or something else. The full $50,000 certainly doesn t have to go toward one goal or investment. In fact, splitting it up can be a smart way to balance risk.
What s the best time to invest? If you re sitting on $50,000, $20,000, or even $1,000, the best time to invest is now. The longer your money is invested, the more time it has to compound. Every day you sit on the sidelines is a day of missing potential returns.
Although I wasn t in an annuity plan myself, I now know that many individuals get talked into investing in an annuity without understanding how they operate and what their fee structure looks like. Even without an annuity plan, though, I know the fees I was paying in my 403(b) were considerably higher than the fees I now pay in my self-managed index fund portfolio.
How to make the most of your employer-sponsored retirement plan
Although you have limited choices when it comes to your employer-sponsored retirement plan, it s still important to do your own research before blindly putting your money into investments chosen by an advisor. This is especially true if that advisor is going to make a commission off of your choices, as that can dictate what investments they recommend to you.