Long term savings have time horizons of a minimum of 8-10 years. Savings for a child's college tuition and for retirement are the big long term goals most of us face.
To your advantage are investments that grow tax free. Take advantage of employer's retirement arrangements including SEP, 401(k), 403(b), and the new Roth 401(k). If your employer offers any matching funds, do not lose out. These matches are gifts that will make a huge difference over time.
Also, taking advantage of IRAs even if they are not tax deductible. Your $ still grows tax deferred which, given years, will make a difference in your lifestyle after your working career.
Tomorrow, the third type of saving.
'til later
Bargain Barb
- Bargain Barb
- Naperville, Illinois
- Greetings! I have years, no decades, of financial experiences to share. I have a passion for education. I am a control freak in that I need to know where my $ goes. I continually ask myself do we need that, what risks are we taking with that investment, how/when can we get at our $, and just how much does Uncle Sam demand of our every earned $. Stay tuned to my life choices now and my references to life choices/experiences from my past.
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