Plan To Save And You Will

I must be careful when I write not to imply that what I’m sharing is the best way to run your life, your business.  The overall goal of The Family Plan is to encourage you to have a plan.  You can’t base your life, your business on someone else’s.  In other words, you can’t copy the life, the business, of another and think that will work for you.  It won’t.  You have your own way of doing life that’s your business.

Do I Need to Save? Do You?

“Take a lesson from the ants, you lazybones. Learn from their ways and become wise! Though they have no prince or governor or ruler to make them work, they labor hard all summer, gathering food for the winter.” – Proverbs

In this post, I want to take a minute to get you to think about what you and your family need to do with your retirement and life’s savings.  You need to save.  Everyone knows that, but most don’t simply because they don’t know how.  There are ways that can make this easy for you.  I’ll give you three that we’ve used.

• 401k, IRA’s and other retirement options.  Most of us who are employed have 401k benefits.  This mean the company will help you put money aside for your future, your retirement days.  Most companies have a matching process.  For the amount you put in, they will match up to a certain percentage.  This is what one of my H.R. friends calls free money.  If you do something for yourself like save for your future, the company gives you extra money to put away.  Regardless, a 401k account, comes out of your paycheck prior to you receiving money in hand or bank.  It’s an easy way to save.
• Pension.  Most people don’t have a pension plan.  This type of retirement/future savings is becoming rare, but if it’s available you should consider it.  At least begin to plan how you can participate and to study the pros & cons of a savings plan.
• Plain ole’ do-it-yourself-savings.  Maybe you are one of the more fortunate individuals who has the discipline and financial margin to save.  I think this one is key because if you’re disciplined to do this one, the rest are a piece of cake.

As I think about it, let me make the distinction, saving and investing are not the same.  This all depends on how you choose to do your savings and/or your investing.  It’s your life, your business; you get to decide.  Regardless of where you are in the savings process, take the time at least annually to review what you’re doing and determine how it is impacting your overall plan.  There must be a goal, a destination in mind in order for you to want to participate.

Today is Friday!
Saving is important, but, to me, what’s more important?  You reaching your goal.  Just because you are saving for your retirement and future, it doesn’t mean you can’t or won’t ever be able to use it.  Sometimes you’ll have to use your savings and it’s okay, just as long as it keeps you moving in sync with your plans.  This is a plan to get you to a destination.  It’s a road map to keep you on course for the life you’ve designed and desire.

Question: What’s your savings plan and what method are you using?  Leave a comment below or click here to email me (or tweet me).