I'm often asked what I think the most important investment is: A house or retirement savings? Although a house is a great investment and sings the song of the "American Dream," it's hard to enjoy your dream if you can't eat.
There is nothing more important than retirement savings. No house, no vacation, no pair of shoes, no child's education--nothing is more important than retirement savings. A house is wonderful, but being house rich and cash poor will not put food on the table or buy a prescription. Ideally, we'd all be able to have both a home and a fully funded retirement savings. But we're not all living the ideal life. Not everyone owns a home. Not everyone needs to own a home. But we all need to make sure we have enough money to take care of our needs as long as we're playing our part on planet earth.
More than likely, you're going to live a long life. To ensure that it's a fabulous, secure life, make retirement investments your top priority. To find out how much you'll need to retire, check out Bankrate.com's investment calculator.
Sunday, September 30, 2007
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1 comments:
Thank you so much for posting this. I have seen so many people lose everything because they try to hang onto their homes. I don't know how buying a home became the symbol of the American Dream, but I'm sure there is a very wealthy dead mortgage banker who started the idea. I bought into it for so many years and it would depress me that I didn't have a home. Sure, I could afford one in an area I don't want to live in, but what is the point of that. Just to have a house? No thanks.
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