I'm a homemaker. What should I do to start a retirement plan? And how do I do it?
Answers:
The Business School" by Robert Kiyosaki
"Cashflow Quadrant" by Robert Kiyosaki
"Leading the Consumer Rebellion" by Brady/Woodward
"The Next Millionaires" by Paul Zane Pilzer
"Parable of the Pipline" by Burke Hedges
"E-Myth Revisited" by Michael Gerber
"Why we want You to be Rich" by Donald Trump/ Robert Kiyosaki
Simple, start an IRA. And stick with a big company. Avoid the smaller companies that could go under during economic swings. I like Fidelity and Schwab.
Start with knowing what your discretionary cash flow is after household income less expenses for each month. Then dedicate a percentage of that income toward a Roth IRA (up to $4k for 2007 and if over 50, an additional $1,000. The Roth will not give you immediate tax savings, although the gains will be tax deferred. If you want immediate tax savings vs. the Roth that will give you tax free money when pulled after 59 1/2 yrs. old, use a traditional IRA. Remember if you pull the money out before age 59 1/2, you may incur penalties and taxes. Discuss with your tax professional. Last, make sure you have a good cash reserves set up, usually 3 months of household income or more and pay off those high interest debts...Hope this helps. If you have a home business, there are definitely other options...Talk with a financial advisor (get referrals from your trusted friends/family)
How old are you?
Do you smoke?
Are you healthy?
How much money do you make?
When do you want to retire?
Do you have children?
Are your parents still alive?
Do you have any auto debts?
Is your house paid in full?
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