How do you save for retirement when you're living paycheck to paycheck?
Our income is less than $20k a year for a family of 7.
Answers | 2
Lot's of folks are in this situation.
My friend Jack Bogle (formerly with Vanguard) puts it like this:
People were retiring with great plans and living like happy campers
Now they are barely able to keep up and living like homeless campers.
Start by Investing in yourself... Be a business owner and not a consumer. Leverage your resources. What is something that you can do better than anyone else and you love to do it? Now, let's allow others to pay you to provide this service. Make certain that your income exceeds your expenses or it's not worth your valuable time and talent.
While your thinking about the above. Check out some of the federal, state, local, charitable, programs that may be able to help you.
Bottom line is that you need both income now and later and you also need to spend less than what you earn especially later.
Feel free to contact me directly to discuss further.
It's not what you make, It's what you keep that determines your lifestyle.