Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Thank you for this tip. I must say Jenny, appears to be quite knowledgeable. After coming across her online page, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her. .......
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@VioletJessica- That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@RoseSmith-v7g VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Very well explained, currently DROP will pay 4% interest after July 1, 2023 until you terminate your employment. Your COLA will depend on the years of service before July 1, 2011
Thanks so much for all your information I have begged someone to help me understand my retirement more no one I asked understands it I am 37 Three years until im Vested I have serval years in and out if the state starting at 2005 and my year of service credit seem off.maybe not tho and I have OPS alt I want to move to the CS retirement so I will be watch to undersand more again thank you . I randomly posted this on the Drop vid but anyway thank you I dont undersand the different plans ect plan on learning about df comp stuff 2.big help
As long as it is paid out as ordinary income at an FRS entity. So for instance, if a teacher teaches summer school or coaches a sport and it gets added to their income, that would can’t towards the high five. Cashing out PTO is the same way as long as it is considered earned income. Paying it out into a deferred comp or 401a plan would not county towards earned income .
@@crisduran2876 good question, my experience with federal pensions was no, I earned 2.5 of my income per year and my investments were completely separate. When tax season arrives it will impact the amount I owe the irs but that is the only impact on my pension.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Embarking on the investment journey at 40, I envision a triumphant testimony of significant success by the age of 55
Thank you for this tip. I must say Jenny, appears to be quite knowledgeable. After coming across her online page, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
.......
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@VioletJessica- That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@RoseSmith-v7g VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
@@LiamOlivia-4 She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Thanks for your video. Been looking for videos bout frs for further explanation.
Thanks for your videos. They are very clear and helpful. Thank you
Very well explained, currently DROP will pay 4% interest after July 1, 2023 until you terminate your employment.
Your COLA will depend on the years of service before July 1, 2011
Thanks so much for all your information I have begged someone to help me understand my retirement more no one I asked understands it I am 37 Three years until im Vested I have serval years in and out if the state starting at 2005 and my year of service credit seem off.maybe not tho and I have OPS alt I want to move to the CS retirement so I will be watch to undersand more again thank you . I randomly posted this on the Drop vid but anyway thank you I dont undersand the different plans ect plan on learning about df comp stuff 2.big help
Thank you so much for this video
Thanks for this video.
Can I enter the drop program if I have an investment account through FRS?
Do you find your facial hair uncomfortable in the Florida heat and humidity?
Will having a part time or cashing out personal time off increase your income for FRS PENSION?
As long as it is paid out as ordinary income at an FRS entity.
So for instance, if a teacher teaches summer school or coaches a sport and it gets added to their income, that would can’t towards the high five.
Cashing out PTO is the same way as long as it is considered earned income. Paying it out into a deferred comp or 401a plan would not county towards earned income .
@@AndersRetirement If I’m currently putting 2000 a year into the 401 from my income is it being considered as part of my total wages?
Am I shorting my pension by putting my ordinary income into the 401?
@@crisduran2876 good question, my experience with federal pensions was no, I earned 2.5 of my income per year and my investments were completely separate. When tax season arrives it will impact the amount I owe the irs but that is the only impact on my pension.
My Frs will not let you withdraw any money from your account before retirement even if you have an emergency. Scary really
No defined benefit plan allows early withdrawal. That is for defined contribution plans. It's still a better choice.
Have no idea what a COLA is…
Cost of living adjustment. It is how much your pension increases every year after you retire.