I never considered taking the limited income I received working in childcare and investing in a mutual fund. Early childhood education offered medical benefits, but I found nothing for retirement. I wasn't aware of a 401(k) or Roth IRA retirement plan at the time, so I had no financial goals for the future except for social security. After speaking to my grandfather (my unofficial financial advisor), he gave me some vital information. Social security alone is not enough.
The conversation with my grandfather and the news about social security prompted thoughts about what will happen when I could no longer work—time and patience in learning about investing and retiring led to opening a retirement account.
My motivation and courage came from watching #SuzeOrman. Suze Orman, at the time, was a massive supporter of retirement plans and saving for your future. I had to figure out how to open a retirement account, and I didn't know at the time that retirement accounts involved a little investing knowledge. I thought a retirement account was a savings account, adding a little money weekly or monthly was enough. I had it all wrong.
I recognized that if I stayed in childcare, I would need to take responsibility for my financial future. The easy thing would have been to take a chance and deal with retirement when it happens. I wasn't comfortable with that option, so I learned what I needed to open a retirement account.
Investing is risky and can be unfamiliar to people. I learned enough to open a retirement account, but there is so much more information to discover about investing and retirement savings, but where do you start?
Below is a list of words used in almost every article, book, or pamphlet about investing.
I hope my intro to investing and experience opening a retirement account inspires you to take the first step into investing. If you don't have a retirement plan or do have a retirement plan through work, please follow me on Facebook and LinkedIn to encourage you to develop a retirement plan or take the time to manage your retirement account better.
Investing isn't solely for retirement accounts; it can also serve as an extra savings account. My story started with retirement, but I needed investing knowledge to successfully manage my money.
