Today’s Roth IRA Challenge comes from fellow freelancer Patricia Sanders. You can find her on Facebook if you’re looking to connect after hearing her story:
How I fully contributed to Roth IRA after moving out of my parent’s place
I grew up in a median household. The only bread earner was my father. From the very childhood, I knew about the importance of budgeting, as my father preferred to spend every dollar for a reason and wanted everyone to follow the same. During my college days, he retired with modest retirement savings. I didn’t ask my parents to fund my studies as the savings was for their future expenses.
I took a private student loan to complete the studies. Since the final year of the graduation, I was doing part-time job to deal with the student loan.
After completing studies, I left my parents place to join a company, in California, with whom I am currently working as an editor.
My current income is about $50,000 in a year. I took a rented apartment, which cost me dearly in every month. I don’t have a car yet; but still, the income is quite low to manage all the expenses including the student loan bills.
During the first year of the journey, I couldn’t save a single penny. I lived paycheck to paycheck almost all the year. I talked to my father who told me to set aside at least 10% of income, but I failed to do so.