Ramsey Solutions financial expert George Kamel shares tips on how to save and plan for retirement.
," turning to these "shortcuts" is not a "good plan," and highlighted the retirement saving traps to avoid. "They're, comparing their life to others. They're trying to keep up with the Joneses. They're not budgeting. They're not investing, and they're trying to do it all by themselves, and that can lead to a lot of mistakes that can cost you big time," he said.
He also explained how contributing to a Roth IRA could be beneficial, but stressed the importance of working with a financial adviser to understand the different strategies. "This is after tax money that grows tax-free," he said. "And what I love about this is if you have $2 million sitting in a Roth account, that's $2 million that Uncle Sam can never touch again."
When it comes to facing financial hardships and inflation, Kamel warned over believing "lies from the pit of hell" and explained how he went from "broke to millionaire" in 10 years. Oh we believed all of these myths that I have to have a car payment. I'll always have my student loans. Hopefully the government will forgive them. I need my credit score because that's a financial indicator that I'm winning.
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