Retirement Goal and SuperBowl

Author

JC Rodriguez
February 06, 2024

Good morning!
Today I was thinking about the random dope things we’ll be able to do once we get our finances in order and build real wealth. For one, I’m excited to leave HUGE tips for servers at restaurants (with my wife and kids). You know how cool that would be? Leaving $300 to the nice server, and then running outside the restaurant so we can hide and watch the server’s reaction. I want my kids to feel the joy of generosity! Those are the future moments I’m preparing for.

btw, you can reply to this email with any specific financial questions you may have.

DEFINITION
What is a Roth IRA?

  • We’ve all heard of it. The finance bros always talk about it. Your friends who are trying to look responsible will proudly say “I just opened a Roth IRA.”

  • But what the heck is it?

  • First off, IRA stands for “Individual Retirement Account.” So just as it sounds, it’s an account where you deposit money into, to save for retirement.

  • Now, here’s what people don’t tell you. When you open a Roth IRA and put money into it, your money doesn’t just magically grow. It will actually just sit there doing nothing. So the 2nd step happens inside the Roth IRA. This is where you choose an investment for your money to go towards. Your investments will grow, and that’s what makes your money grow without touching it.

  • Tomorrow we can talk more about the investments.

PRACTICAL ADVICE
Throw a Fun (and Affordable) Super Bowl Party

  • It’s time for the big game. Don’t put it all on yourself to feed every one of the guests. I know wings can get expensive… So instead, make it a potluck!

RESOURCES
My Fav Budgeting App

  • I absolutely love EveryDollar. They’ve been my budgeting app for the last 4 years.

  • If I can leave you with one budgeting tip that EveryDollar taught me, it’s that you need to review and adjust your budget EVERY MONTH.

  • You can’t just stick to some rule like 50/30/20 or whatever because some months just wont be so cookie cutter like that. For example, in December you may have to delegate more money towards gifts or family trips. Or on an uneventful month like March, you can put more towards savings.