• Trust the Process, Part 2 (Video)

    Here is a small expansion on what was discussed in the video.

    For the nerdwallet Compound Interest Calculator please click the link below:

    *nerdwallet is not a sponsor of F.O.F. Financial Coaching LLC

    Here are the numbers I used in the calculator for my example in the video:

    Initial Deposit: $100.00
    Contributions: $100.00 per month
    Investment Time Span: 44 (age 21 to 65)
    Estimated Rate of Return: 10.00%
    Compound Frequency: Annually

    I would suggest you start with the end in mind and think of the amount of money you want to have in your retirement account at your preferred retirement age. Play with the numbers in the calculator to get a better handle on how much you need to save to obtain your desired retirement number at the age you want to retire. Once you hit that retirement number your plan should be to live off of about 8% to 10% of your retirement number during retirement. Please seek out a seasoned financial advisor you trust who will teach and guide you in your retirement savings process.

    Remember, before you start saving for retirement pay off all your debts (not including) your home. This allows you to be laser focused on one thing at a time. First save up $1000.00 for emergencies, next payoff consumer debt, then save a 3-6 month emergency fund, and begin saving for retirement. These are Baby Steps 1-4 of the Dave Ramsey 7 Baby Steps. All 7 can be found which here.

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