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In either case, you benefit from financial flexibility, but taking the right approach is key.
Here are the recommended money strategiesthat he suggested if youre earning $75,000.
First, he suggested contributing to your 401(k) at work.
Plus, you get an immediate benefit by lowering the amount of taxes you pay on your paycheck.
Both suggested accounts have annual limits.
Roth IRA limits also depend on your filing status and income.
Even if you make a plan for your money, successfully carrying it out is another thing.
The fact is your system is going to break.
He suggested the smarter approach of automating bill payments, savings transfers and investment contributions.
That way, you could worry less about your money going where it needs to.
Plus, this strategy helps prevent missed bill payments and supports reaching your savings and investing goals.
If you do this for 15 years, youll have over $37,000.
Thats a more useful wealth-building decision than saving a few dollars on coffee.
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