Don't let your IRA just SIT there!

Navigating the treacherous waters of adulthood can feel like an uphill battle. It's as if we were launched into the world without a clue about personal finances, and the education system barely scratched the surface. But fear not! Growing up might be hard, but we're all in this together, and I've got some savvy tips to lighten the load while you ride this rollercoaster of financial enlightenment.

Ryan, the author of this blog, performing Be Our Guest in Japan

In my wild and wonderful 20s and 30s, I was a nomadic soul, globe-trotting as an actor and taking up side gigs like a pro juggler. While I was entertained by finance guru Suze Orman's videos, I must admit I wasn't quick to take action. Fast forward to 2021, and I landed the role of executive director at a delightful non-profit community television studio. Who knew that beneath the glitz and glamour, the studio lacked a retirement plan for its devoted crew?

With my own future in mind and a mission to build a financially secure team, I rolled up my sleeves and started hunting for the perfect retirement plan. After some digging, our wise board of directors settled on a Simple IRA plan from the trusty Fidelity. It's a nifty setup where the organization matches employee contributions up to 3% of their wages. The staff jumped on board, and smiles were abundant!

Some different types of retirement plans, image from Summa Global

But here's where things got interesting—cue the plot twist! I'll admit it; I put my investment plans on snooze for a year or so. However, thanks to an eye-opening article from my colleague Joe (shout-out to his Blog Creative Finance with Broadway Joe), I finally woke up from my financial slumber. Joe's piece, "How to Make Money Fast, Slowly," spilled the beans on the magic of Index Funds. My curiosity piqued, I embarked on a YouTube tutorial marathon, navigated Fidelity's platform like a pro, and voila! My dormant money came alive as it joined the exciting world of Index Funds, ETFs, and even a few playful stocks.

Now, let's talk about the big bad fear surrounding money. It's like an ancestral heirloom, passed down from generation to generation. My parents and family were masters at playing it safe, which left me feeling a bit stifled when it came to financial exploration. I confess, I sometimes scold myself for not jumping on the financial literacy bandwagon sooner. The "would-a could-a should-a" ghosts can haunt us all, but here's the golden nugget—I'm doing something about it now! And you can too!

If you're reading this with a mix of confusion and excitement, fret not, dear reader! The journey to financial prowess might have some bumpy stretches, but you've already conquered the most crucial step: being open to learning and embracing change. Not everyone reaches this tipping point, so pat yourself on the back!

Picture this: you're laying the groundwork for a brilliant financial future that'll dazzle you and your loved ones for years to come. So, hold on tight and ride this wave of financial discovery. Don't hesitate to seek guidance from experts or financial advisors to fine-tune your strategy and make it shine like a star on Broadway!

Remember, growing up might be hard, but with the right dose of fun, lightness, and a dash of financial wizardry, we'll waltz through the world of personal finances like seasoned pros. Stay curious, stay eager, and let's conquer this financial adventure together!