What Is the Best Way to Save Money?

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The best way to save money is at a business or place of employment through a 401K plan or a pension plan. Learn about the effect of saving money that is tax-free over a multi-year period with help from a portfolio manager in this free video on money management and personal finances.

Part of the Video Series: Investing & Money Management
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Video Transcript

Are you starting to plan for money that you're going to need in the future? Hi, this is Roger Groh at Groh Asset Management. Today we're here to talk about the best ways to save money. Well, the first and easiest way place is at your business. If you're an employee and have a 401K Plan or Pension Plan, it should be the first place you want to save. Why? Because that money comes out tax free and accumulates tax free until you begin to withdraw from the plan. The effect of that is tremendous over a multi-year period. Number two; weekly contributions into money market fund or a designated savings account. It doesn't have to be much; whatever you can do; whether it's a hundred bucks or a thousand or ten or a hundred thousand dollars a month. Just do it regularly and you'll be surprise how quickly that pool grows over a long periods of time. Last but not least, be sure your expenses are in line with your revenue. You may have to adjust down your expenses in order to have a surplus for you to put away for those many days. I'm Roger Groh with Groh Asset Management. Thank you very much for spending time with me.

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