[Dusty]

Hello! I just turned 30 and I would like to start being smart when it comes to my financial decisions. I would like to in the best way prepare me and my husband for retirement.

We both have TSP, but is there any other accounts I could open now that would benefit us and who to open with?

Also I would like to open stuff up for both of my kids one for a car and then one when they get old enough to either go to there first house or school.

Any advice is greatly appreciated! I didn’t really have parents growing up and I don’t have any now. So I wasn’t really taught about any of this stuff except in life experience!

We currently have emergency savings with $1,500, and we have a backup with ally that we can’t see and to withdraw it would take weeks with $9,000 in it and then I have two savings accounts for my kids in the same place with about $200 in each.

Is there anything I can do to prepare us and my kids better for the future?

[Jude]

Talk with your employers and see what retirement benefits they offer. Some employers also offer free financial planning education.

Invest in a Roth, not a traditional 401k if you have a choice.

The money grows tax free. Put as much as possible into retirement. You cannot get a loan for retirement.

Look into college savings plans for your kids.

I wouldn’t bother to save for a car for them. Let them use your car as long as possible.

[Janice]

Take the Dave Ramsey Financial Peace University course!! I am completely out of debt now.

[Darla]

Consult Dave Ramsey’s Baby Steps
Meet with a CPA/Tax planner
Seek out a Financial Advisor

Consult with an estate attorney

All of the professionals can talk with one another to help you make the best investments and with the most tax benefits.

[Leslie]

Look into Dave Ramsey’s Financial Peace program. It is a good place to start. Practical and a solid plan.

[Patty]

Write down every expenditure now to see where your money is currently going. That will help you make a better budget for your future goals.

Yes, you need a bigger emergency fund.

[Melissa]

I would make a priority to save up an emergency fund worth six months salary.

[Lisa]

See if your library has’The Only Investment Book You’ll Ever Need’ I found it helpful when I was starting out

[Jackie]

Roth IRA is the best deal. Not tax free now but your contributions and dividends are not taxable when you retire.

[Carla]

You need to consult with a reputable financial planner.
Each person’s goals and circumstances is different.

Also, as a word of caution, it’s not a good idea to put any financial information online, for obvious reasons

[Author]

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