The Carr Report: Black, single mom with $400,000 in her employer sponsored retirement plan!!

I recently received an inbox message from a tax client and soon-to-be financial planning client of mine: “Gm! You’re my finance guy, so I can show you this! This makes me SO happy!!!! I wish more people would do it!” Included with this message was a copy of an annual account statement from her Thrift Saving Plan (TSP). What was awe striking about this annual account statement was the current balance. The balance in her Employee Sponsored Retirement Plan was an astounding $414,182.56. According to Yahoo Finance, only 18 percent of retirees have $400,000 or more in their retirement account. Her balance in her retirement account is upwards of $400,000 and she’s not even retirement age yet. Seeing her statement made me smile because, like her, I wish more people will knuckle down and get serious about their money. For, if you’re not serious about your money, you’ll never have serious money. Her story is inspiring because if a single mom with no help, living in a high cost area, who has never earned six figures in her working career could amass nearly a half million dollars into her retirement savings account, anyone can do it. I asked her to...