SAVANNAH, Ga. (WSAV) — Inflation is at a 40-year high which translates to life becoming more expensive. From purchasing groceries to gas to get to work, doing everyday things is costing more. Yet, for some, their earnings are not matching the inflation increase.
In spite of any financial season that will come, investing money for the future provides financial security with the potential to build wealth.
For those looking to invest money as they look towards the future, one of the first things that could be done is to invest in an emergency fund. Money set aside in perhaps a high-yielding savings account, provides a financial buffer to any surprise that could occur such as an urgent home or car repair or necessary travel. An emergency fund can help in preventing future debt or from selling off investments. It doesn’t take a large amount of money to start an emergency fund. Tax refunds, cash gifts, rebates, a workplace bonus and even spare change can be funneled into it.
Another step could be to invest strongly in the future by enrolling in a 401(k) or employer retirement plan with an amount that’s not noticeable.
The IRS defines a 401(k) as a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts. Choosing a Retirement Plan: 401k Plan | Internal Revenue Service (irs.gov)
With a 401(k) plan,…
