Student Credit Card and Credit Education Blog

Even though the focus of this blog is student credit cards, there will also be tidbits of information from other avenues that support your ultimate goal of being able to retire with as much as wealth as possible.

I found this great article on Yahoo! Finance, which clearly explains some introductory steps to take once you attain your first job. Granted, most of you are in college and might not be thinking about plans following graduation, but these tips are excellent advice that everyone should heed.

A few highlights:

Start saving now! - Time (and compound interest) are your friend! Use them to your advantage and invest as early as possible.

Invest in your company 401K, particularly if they match - This investment pulls pre-tax money out of your paycheck and throws it into mutual funds (usually). You don’t pay taxes on anything you earn in this account, until you ultimately pull it out at 59 1/2. (at which point your tax bracket should be much lower)

Try a Roth IRA - This accepts up to $4K of after-tax money and puts it in an account that you can invest however you want. And once you hit 59 1/2 you’re welcome to the money, tax-free!! Did you turn some stocks from $1K to $100K? All that money is yours to keep!

Check it out and get yourself educated on how to wisely save your hard-earned money! (step 5 in the article)