How to get out of debt and build a 'wealth snowball' - NBCNewsBETTER
There are ways you can probably contribute to a wealth snowball that you don’t realize, according to Roth.
“Nowadays, it’s a big thing to try to get consumers to sign up for subscription services,” Roth says. “Everything from Netflix to even Microsoft Office is subscription based.” “What I encourage people to do is to keep a close eye on the recurring monthly expenses because they act as an anchor dragging you down so that you’re not able to increase that gap between your earnings and your spending,” Roth says.How much you can contribute to your wealth snowball depends on how much you can afford. If you don’t make a lot, Roth says, it doesn’t mean you can’t save.
And if you can afford to, says Roth, you should contribute as much as you can to a retirement account. For some people, that means contributing 5 percent of their income to a retirement account. For others, it means contributing as much as 50 percent.The most important thing, according to Roth, is that you make an effort to save.
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