Forty years ago, the 401k as we know it was born.
According to the Investment Company Institute, more than $5 trillion (with a "T") sits in these accounts of over 55 million participants.
401k's have become a staple of saving for retirement.Don't get me wrong, they work well for those that do two things:
During the Columbus Day weekend, my son Sam and I went up to Augusta Maine to visit my sister.
She planned a hike for us at Little Bigelow Mountain which is accessed through the Appalachian Trail and has an elevation of about 3,000 ft. My brother-in-law Tom came along as well as their neighbors Emma and Ty along with their dog Bella who ran circles around us all.
Logically, because we are a financial planning and investment firm, it would be logical for you to think this blog post would be about investments. What secret mix of different investments would ensure the best return given our personal risk tolerance and time frame?
Here at FPS, we do this every day.
When planting a garden, one of the first things you do is decide what you want to eat.
You carefully prepare the soil, plant your seeds, provide enough water and sunlight and try to keep the weeds and other critters out to ensure the best harvest.
Doing these steps gives you the best outcome and highest yield.
With the cost of a college education continuing to rise, it is becoming much more important for one to have a college plan. If one has a toddler and discretionary income, saving for college is the way to go. With time on your side, a systematic investment plan over time can do wonders in helping fund a college education.