The best retirement advice you can ever get is to invest.
The second best retirement advice you can get is to keep investing.
Your 401k account is a lifetime financial investment. Your 401k account is made up of many small deposits. If 401k accounts were built by one large deposit, they wouldn’t be referred to as lifetime financial investments.
Sometimes people think that if they can’t do it big, it’s not worth it. With investing that is not true because with investing a little at a time all adds up. So don’t lose your focus and follow some basic 401k advice outlined below.
Following The Best Retirement Advice
Invest, Invest, Invest
- Investing, even if at small amounts, all adds up.
- Keep investing even when the market is in a slump.
- The absolute best time to invest is when the market is in a slump because stocks and mutual funds are in effect, on sale!!
- So when the market is in a slump, you are buying at discount prices, you can’t beat that.
- And don’t worry about the amount of your monthly investment into your 401k account….remember, it all adds up.
Avoid The Biggest Investment Mistakes
The 1st Mistake: Stopping
- For your long-term future, one of the biggest mistakes you can make is to stop investing.
- If you stop investing you will not bring back your prior asset values or your financial investment just by pulling out of the market.
- But if you stay in the market and continue to invest, you may build back up your asset values; and maybe even exceed your original account value.
The 2nd Mistake: Denial
- The second biggest mistake you could make is to be in denial.
- You may not even know that you are in denial.
- If you ignore the fact that you and only you will prepare for your retirement, you are in denial.
- Advice from financial planners tell you that you do need to save for your retirement…..no one will do that for you.
Repairing The Big Investment Mistakes
Get Some Financial Education
- Educate yourself on the best way to get yourself financially ready for your retirement.
- Talk to a financial planner, research financial web sites, go to your local library.
- Interview different financial planners.
- Learn about all of the 401k contribution rules and 401k contribution limits.
- Learn how to recognize a good financial investment and good 401k advice and not so good advice.
- Learn how to differentiate a good financial investment from a bad one.
- Understand that your entire financial picture will be impacted by the financial investments you chose, so chose wisely.
You are in charge. You will determine what kind of retirement you will have.