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What’s Poppin’,

This is the Master Money Newsletter. The Money Newsletter that teaches you more about money in 5 minutes per week than you learned in all 4 years of high school.

We make sure you didn't peak in high school. When it comes to your money that is.

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Here’s what we have on deck today:

📰 Read: What to Do If you Started Investing Late

📺 Watch: How to Save your First $100K

🎧 Listen: The Ultimate ETF Guide!

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Numbers to Know

💰 How to have your bank deposits insured above the 250K limit

💻 Best places to travel in 2023

📈 12 Rules to Break on Your Path to Wealth AND Happiness

🤔 62% of Americans are living paycheck to paycheck.

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The Power list to Retirement if you started investing late

Once you get an idea of how this building wealth thing works, you may get anxious thinking that it’s too late to get started.

I am here to tell you it is never too late.

Whether you're in your 30s, 40s, 50s, or even beyond, it's never too late to take control of your financial future. I am going to give you your action plan for playing catch-up and securing a comfortable retirement.

We are going to conquer this thing together. Get ready, it’s, time to Wake Up and Smell the Compound Interest ☕

No matter your age, every day you delay investing means you have to work even harder for the same results. But fear not! I’ve got your back. Lets dive in:

1️⃣ Understand How Much You Need to Save

• Use a Savings Chart like the one in this article to calculate your target nest egg based on your desired retirement age and lifestyle.
• Embrace the fact that it's never too late to start, but recognize that you'll need to save more than someone who began in their early 20s.
• Review our 4% Rule and Savings Rate episodes for expert advice on determining a sustainable withdrawal rate and setting achievable savings goals.

2️⃣ Crush High-Interest Debt & Maximize Savings

• Focus on eliminating high-interest debt, such as credit card balances, before investing, as this debt can severely limit your financial options
• Once you're debt-free, work on reaching your savings maximums by putting away as much as you can afford, knowing that every dollar saved brings you closer to a secure retirement

3️⃣ Retirement > Saving for Kids' College

• As much as you want to provide for your children's education, prioritize your retirement savings, since kids can access student loans while there are no scholarships for retirement.
• Think of this like being on a plane. When the oxygen masks drop, you have to take care of your own mask first. The same goes for your retirement.
• Make the tough but necessary choice to secure your own financial future first, ensuring you won't become a burden to your children later in life

4️⃣ Maximize Your Savings

• Play catch up by reducing spending in nonessential areas, taking full advantage of employer matches in retirement plans, and automating your savings to make the process as effortless as possible
• Explore ways to increase your income, such as side hustles or promotions, and allocate the extra earnings solely for saving and investing

5️⃣ Maintain the Right Asset Allocation

• Create a well-diversified investment portfolio, balancing stocks, bonds, real estate, and other asset classes to suit your risk tolerance and timeline
• Consider real estate investing as a wealth-building strategy if you have the knowledge and experience; it can be a great way to build equity and generate passive income

6️⃣ Invest Excess Cash

• Avoid hoarding cash due to lack of financial knowledge; instead, educate yourself and invest excess cash to grow your wealth over time
• Remember that inflation erodes your buying power, making it crucial to invest cash rather than letting it sit idle
• However, don't invest your emergency fund or cash needed for short-term savings goals, as these should be readily accessible

7️⃣ Over 50? Take Advantage of Catch-Up Contributions

• If you're aged 50 or older, make the most of catch-up contributions, which allow you to contribute more to retirement accounts than younger workers
• For IRAs, you can contribute an extra $1,000 on top of the standard $6,500 limit, while for 401(k)s, the catch-up contribution limit is an additional $7,500 on top of the standard $22,500 limit
• By making catch-up contributions, you're utilizing a valuable tool designed specifically for older workers to accelerate their retirement savings

🌟 The Bottom Line: It's Never Too Late 🌟

Remember, it's never too late to start investing and securing your financial future. Take these steps to heart, buckle down, and make the most of the time you have left before retirement. As you embark on this journey, stay focused on your goals, be consistent with your savings and investment strategies, and regularly review your progress to make any necessary adjustments. Your future self will thank you for taking control of your financial destiny.

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📈 Quick Tip Of The Week

Beware of student loan interest. Make sure to double check your interest rate. If is too high we have to make some money moves.

The difference between a 3% and 9% interest rate on a $50,000, 20-year student loan is over $41,000 before opportunity cost. This can easily become a 6-figure difference.

Minimize your student loan interest rate by researching your options, consolidating loans, or refinancing when possible. This decision can save you a significant amount of money.

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High-Performance Book Club 📚

I get a ton of questions from listeners and readers as to what I am reading. So we decided to let you know via the newsletter. The High-Performance Book Club will be a way to share this. If you want to be Elite in your career, business, or with your wealth, then welcome to the club. If you would like to see our previous picks, you can find them here.

​https://kit.co/MasterMoney/high-performance-book-club/buy-then-build-how​

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The Personal Finance Podcast 🎙️ ​ ​

​The Impact Of Investment Fees (and Why You Should Never Touch Your 401(K)!)​

​The Complete Guide to Investing in ETF’s (and How to Become an ETF Millionaire!)​

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Youtube

The 6 Best Charles Schwab Index Funds to Buy and Hold for Life!

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