RP Funding CEO and host of the Money Minute radio show, Robert Palmer regularly uses his financial expertise to answer viewer questions and offer valuable advice on money saving tips and personal finance goals, as well as great tips on how to save and enjoy your money at the same time. However, one Money Minute viewer wants to know, “What is Robert Palmer’s best financial advice?”
Palmer says, “I’ve given and received so much financial advice in my life that it’s hard to choose, but I think the best financial advice I could pass on would be that it’s never too early to start saving.”
Start Saving Immediately
That advice has become a little more common knowledge since Palmer first heard it back in the day, but it still holds true for the financial guru. “You’re never too young to start saving. In fact, the younger you start saving and investing, the better you’ll position yourself later in life.”
Invest in Your Retirement
Palmer also believes in investing in individual retirement accounts. “I think understanding and taking advantage of pre-tax savings such as an IRA or a 401K is extremely important,” he says. “Because you’re never too young to have a 401K, and you’re never too young to have an IRA, as well.”
Take Advantage of Tax-Free Benefits
Palmer recommends looking for tax-free benefits when saving. “Income tax is a huge burden and a big part of everyone’s paycheck. So, when you put money into a Roth IRA or a 401K, it’s tax-free. That money doesn’t get taxed, which makes it that much more powerful an investment.”
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For more valuable financial advice from Robert Palmer, visit savingthousands.com/personal-finance.