3 Money Tips for Every Income

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3 money tips for every income

I like this article, it gives general guidelines for every income level.

Incomes from Low Income (Below $20k) to Upper Income (Above $100k).

Word to the wise, if you find yourself in the lower end of this spectrum...make a promise to yourself not to stay there for long...

MsMoneyGuru

Can Taco Bell Take Down Chipotle?... I Think NOT!

Check this out!  Can Taco Bell take down Chipotle?

I for one am on "Team Chipotle".  A colleague once told me that when you pick stocks go with what makes sense.  Taco Bell may be good on a day when you are starving and only have $1.25 in your pocket, but come on...Chipotle says, "class", "I'm special" and "you better have at least $10 on you when you walk in here"...

They will charge you the same amount for a "salad" then they do for a burrito (burrito toppings on lettuce), they will charge you extra for chips and guacamole, and they will make you wait in line for 10 minutes...Why? Because they are that good! 

Therefore, if I were a bettin' woman (and I'm not), I would put my money on Chipotle every time!

Taco shells made out of Doritos? Come on!

MsMoneyGuru 

In Reply to the comments on Gen Y's Retirement: $2 million...Not Impossible

Gen Y's Retirement: $2 million...Not Impossible

I want to caution you all by saying that I am not an investment expert! I would advise that you seek the counsel of a financial investment adviser when choosing your investments.

 

However, the average return I used was based on the overall stock market of 10% SEE LINK (average over the past 20+ years).  Most 401ks or IRAs are mutual funds which are based on a diversified grouping of stocks. I wouldn’t look to the stock market for short term returns.  Retirement investing is for the long term.  

Typically, a 401k (403b) should be more beneficial because usually a 401k offered through an employer has a contribution match.  Therefore to follow my example...If an individual makes $52,500 annual salary and contributes 8% of their income per month ($350), and receives a 75% company match on the first 8% of their salary contributed to the 401k; their $350 "car payment" would actually be $612.50 a month. Therefore, this can only benefit them in the long run to the tune of about $3,873,499 (40 years) or $2,325,441 (35 years).  This also doesn't include increases in income over the years which will also subsequently increase the contribution and matching amount. 

Bottom line, It’s all goodness...

As for an IRA, usually these do not include a match, and they come with their own annual contribution limitation, however one can choose to go with Traditional or Roth IRA's that provide different tax advantages. In many cases individuals can contribute to both a company 401k and an IRA.   

Hope this helps...

MsMoneyGuru