It’s been waaaay too long, but I’ve made some progress. Let’s take these updates one goal at a time.
1. Open an IRA: Finally! Taaaaa-daaaa! Look at me, Mom! Well, the account is open and the 401(k) checks have been mailed. Cross your fingers it gets deposited and starts earning the big bucks.
One HUGE lesson I learned: always, always, ALWAYS know where your money is and what’s happening to it. Do not let anyone brush your questions off. Sure, you may be asking what would seem like a really dumb question to a financial adviser, but we all can’t be financial whizzes, now can we?
I learned this lesson through the frustration of not understanding the 401(k) rollover process. And, I read some incredibly interesting books by some women who happened to lose quite a bit with Bernie Madoff’s little scam. (I highly recommend reading The Bag Lady Papers by Alexandra Penney and Lost and Found by Geneen Roth if you’re looking for a good read and some anecdotal and sound financial advise.)
I guess it’s time to look at the next step: figuring out how to consistently contribute to it.