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Overcoming Fear – A Look into the Future

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I recently started working with a new client. And at a month in, I have gotten a pretty good look at what my life could look like if I don’t get a better handle on my finances. Especially in regards to my savings and retirement!

My Clients Predicament

I’m not going to focus on the client to much but I’ve quickly become aware of a few things without being told them:

  • They did not diversify their business very well. When one thing fell through, the whole thing came tumbling down. (I am certainly familiar with this issue as it is the one that knocked me completely out a few years ago.)
  • They don’t seem to have any savings. (This is an assumption on my part, but based on the pressure and stress they are under to make a go of what we are working on together, I think it’s a pretty solid one.) This seems to be a common thing among serial entrepreneurs as I network with them. They invest in their business…and forget to invest in themselves. I am certainly guilty of this.
  • They have let fear make them flounder. This is one I hear in every single conversation I have with them. It’s painful to hear. And even harder to determine how to both guide them through and be sensitive to the predicament they find themselves in.

What it boils down to is that they don’t reach a certain income level through their current business model in the next 100 days. They will have to start all over and figure out what they are going to do with the rest of their lives…and this is at 65+ years old. A very scary situation.

Like Whoa! Moment

And an eye opening one for me! While my savings has definitely increased as my income has. I am no where near where I should be towards my retirement savings. Like nowhere. Like embarrassing to even bring up my complete and utter failure here.

So I could be this client…20 something years from now, if I don’t get my act together. This will be me. And I DO NOT WANT THAT. I am at a crossroads and…

I must create a more balanced approach to my financial life. And it needs to be done as of yesterday! Seriously! Nothing could convince me more of this, then watching my client flounder and battle this fear.

BAD Community, guide me! What steps should I take TODAY to get started in making a significant contribution to my future self. ROTH IRA, stock market, steady savings (I’m already doing this one,) other ideas? Any resources you would recommend for getting started so late in the game?

My plan is to take your idea, research them and roll them around in my head and choose a path that focuses on…regular savings (continuing to build toward a 6 month EF fund,) retirement savings AND debt payoff. My income is strong right now and steady. I want to take advantage of that as quickly as I can but also be very smart about it.


Advice Needed: What to do with my 401K

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I received my last paycheck from my W2 job this past week. I love my new found freedom. But now I must start making some decisions, beginning with what to do with my 401K. It’s not a large amount, but it is several thousand dollars. I desperately need 401K advice.

The question is, what to do with it? To be honest, I’m pretty ignorant when it comes to all things retirement related. It is time for me to get serious about it.

Where do I start?  I am happy to say that I’ve chosen wisely in the funds I’ve invested in and have had a pretty decent rate of return over the last 6 months.  I think I’d like to stay involved in the day to day management or maybe month to month.

Advice Needed

Give me your best advice…roll it over to a Roth IRA or something else? What are my options as a self employed.  Right now, the fund is with a company called VOYA, one I’d never heard of prior to this. But I know there are many options for self managed accounts as well.

To be honest, I don’t even know what questions to ask. Perhaps there are some resources you recommend to teach me more, the basics specifically.

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