My Million Dollar Mistake. “The ‘Million Dollar Mistake’ is a phrase that became popular in 2008-2010 and a million-dollar mistake refers to an expense of $1,000,000 or more that could have been avoided.” “I think this concept is something to be aware of because it’s something that can happen to all of us.” If you have a small business, you might want to check your own expenses to make sure you’re not overlooking anything that’s costing you thousands of dollars. Click Here To Read More “You can’t save money if you can’t find it.” – Tonya Reiman In today’s world, we’re exposed to information faster than we ever have been. You can’t just “live your life” and hope you’ll be okay in retirement or in other areas of your life. You have to plan and work for the future. That means saving money and reducing expenses. “I think it’s important to get clear on what a ‘small’ business is. Small businesses often find themselves behind the times as compared to big companies. If you’re still using a typewriter or fax machine, it’s time to consider an upgrade. Technology is always advancing and if you find yourself wanting, or thinking about wanting, a major expense like that, put it on the back burner until you have the money to spare. Because you never know when something will go out of business or just plain shut down. It could happen to you any day.” Saving and investing for the future is essential. Many people aren’t sure how to do it. They don’t realize how many expenses they have. That’s where retirement calculator apps come in handy. They can help you see your expenses in a whole new way. Click Here To Read More “As far as your questions for me go, I think it’s great that you would ask about a retirement calculator. While it’s still not my specialty, I can share some of my personal knowledge with you about investing and how they’ve been designed to help individuals. I have always relied on my personal life for my own experiences and observations to inform my understanding of investing and it’s always worked out quite well. “Retirement calculators as far as I know are something that really became popular in the 60’s and 70’s and they were used as a tool by financial advisers. It was a way to help them assist clients in planning for retirement. In short, a retirement calculator will take the information that you provide and calculate a number of variables with regard to how you might fare in retirement and you might see numbers like that one example that you gave me which was around $30,000 per year. So that would be your ‘comfort level.’ A key idea here is that you really want to assess your ability to withstand some sort of disruption in your ability to make an income and if that’s your plan, it’s critical to do that.” We’ve had some great discussions about living expenses and how they affect retirement. You can probably work a few of these ideas into your own personal planning. For more information, check out this blog post and stay tuned for future installments of “You, Me and Retirement: The Future is (Not) Here.” Subscribe To REI Net Worth Newsletter If you want more information, check out our Retirement Blog and Retirement Calculator blog. Including posts about 401(k)s, Roth IRAs, Social Security, Medicare and more. Check out these related articles: Related Content I’ll show you how to set up a retirement budget and help you figure out how much you should save. I’ll give you some advice about saving for retirement that isn’t talked about all the time, especially on other retirement websites. How to tell if you’re getting the best investment return for your 401(k). How to get the best return from your 401(k) plan. This is a topic that’s often not given its due attention in the way it should be. Other Topics From REI Net Worth The Best Financial Tool for Every Consumer Retirement Calculator: Part Two Retirement Calculator: A Frequently Asked Question Top Four Investment Mistakes 401(k) Rollover Calculator: Understanding the Effects of Time and Growth on Your Accounts 401(k) Plan Rollovers: How to Maximize Your Investment Gains Misconceptions About 401(k) Rollovers and Employer Stock Retirement Calculator: Another Popular Tool You’re Not Using Enough The Best Financial Tool for Every Consumer: Part Three The Best Financial Tool for Every Consumer: Part Two The Best Financial Tool for Every Consumer: Part One What is the 401(k) Rollover Calculator? 401(k) Rollover Calculator: Unbiased Information on the Effects of Time and Growth on Your Retirement Accounts Retirement Calculator: How Your Own Choices Affect Your Future 5 Common Retirement Motivation Myths and How to Overcome Them Retirement Calculator: Part Four Retirement Calculator: Understanding Retirement Planning and Financial Independence Check out the REI Net Worth archives for more great articles on retirement. Subscribe to the feed or follow us on Twitter for even more goodies. Please enable JavaScript to view the comments powered by Disqus. Disqus