Fresh out of college. Brand new job. Disposable income. I bought a convertible. I /loved/ that convertible, a Mitsubishi Spyder. Wind in my hair. Feeling of Freedom.
One of the big advantages of working for a benefits company was ever day I saw the power of a saved dollar. I talked to folks making much less than me that had retirement accounts building wealth. They looked to their future. I talked to execs who had millions saved. They had started saving back when they too were making much less, when their belts were much tighter.
With my disposable income I maxed out my 401(k) contribution each paycheck. I watched my account grow. After a few years I got married. I had to trade in the convertible for a car to hold our family. I was growing up.
Hubs and I bought a house. I changed jobs. We had four boys. Disposable income? What is that? My hubs attitude: "Pay yourself first!" Each month we have automatic withdrawals going into our IRAs; we have rolled over my 401(k) and he is enrolled in his TSP. Every month we pay our self and look forward to our future!
We have some great articles on MilitaryAvenue.com from USAA, the Department of Defense, and other great resources. Be sure to read through them. Educate yourself. Understand the power of a saved-dollar!
- MilitaryAvenue Resources: Money & The Military
- All About the Thrift Savings Plan
- Thrift Savings Plan for All
- Take Your Thrift Savings Plan with You
Some day after our boys have grown up I'm going to feel that wind in my hair again! Thanks to our IRAs, TSP, and 401(k).
- Leanne from MilitaryAvenue.com