Investing & Retirement My team and I talked with millionaires all over the country for my latest book, Everyday Millionaires , and we found a shocking majority of millionaires had this one thing in common-they were in a strong, healthy and long-lasting marriage. It's not too surprising when you think about it.
Firstly, save up for the emergency fund, which is three to six months of expenses, and set it aside. After that, least 15% of your combined gross household income should go towards your retirement, once all debt is cleared.
If only one of the partner works, you still can save up for retirement using a Spousal IRA, provided a joint tax return is filed. For details, you can consult an investing professional.
It is also a good idea to clear up the old 401(k) accounts which are hanging around from the old jobs and put one's investments in order.
There's one question I hear as a personal finance writer more than any other. It's not how to game the stock market, or become a billionaire-it's simply how to make a budget work while still saving enough to retire comfortably.
Assuming you have enough to cover the bills and aren't pulling an overdraft fee, start by automating your retirement savings. You know you need an emergency fund, so automate. Do the same with increasing your 401(k) contributions each year, or paying off your credit card debt.
Financial planning is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises. Read on to find out the top 10 rules that help to plan your finances better.