Whether you are a millennial just beginning your career, or a baby boomer nearing the finish line, retirement should be something we look forward to.
There are many roads to get there and like with any trip, the key to making things run smoothly is to plan ahead.
Rosland Capital, a premier precious metals firm, has put together an infographic that maps out the various routes to retirement. This informational guide highlights everything from precious metal IRAs, to Simplified Employee Pensions, and Medicare benefits.
If you’re like me, when making a decision, you like to
research and compare different methods before deciding which way to go. This has definitely been true for my wife and me as we’ve pursued our wealth journey. And once again, if you’re like me, what you’ve probably found is there are so many different perspectives on how to build wealth. It could be enough to drive you mad!
So who’s right? Believe it or not, I would go so far as to say that much of the financial information, strategies, etc. out there is good in it own way. Until discovering my own personal finance strategy,we tried a lot of different things before just narrowing it down to what has worked consistently for us. So I’m not one to say that there is one specific philosophy to follow. Heck, I even encourage you to contrast different “gurus” to see which one works best for you. Because you will find that you are able to pick and choose from different advisors and tailor it to your needs in order to reach financial freedom.
So, let’s play a game: you loan me a dollar. In about a year, I’ll give you $1.02 back. Not bad huh? You do practically nothing and get a return on your money. Pretty fun game huh?
Now let’s add a twist to the game: I’ll loan you a dollar as well. But at the end of the year, you’ll owe me anywhere from $1.05 to $1.23, depending on how trustworthy I initially felt you were.
I forgot to mention that if you pay me late, you’ll owe me an additional one to three cents. Plus, I’m going to smear your name to others and tell them they shouldn’t loan you anything.
Over the years, I have learned the following: Make poor decisions with your money and you will become poor; make wealth enhancing decisions with your money and you will become wealthy.
So how is it that some individuals end up in the middle? They do some of both!
Over the years, I’ve had the opportunity to talk with individuals at all walks of life. From high income to low income and everywhere in between. I have provided input to attain healthy financial goals with many of them. I’ve also learned and experienced that not everyone will follow the coaching and/or instruction provided. Let me share a story of one individual who comes to mind.
After several years of research, reading all types of money making books, investing in all types of business opportunities, Gina and I realized a simple way that’s helped many people become financially free.
I won’t pretend that I have the magic formula that will: make you $100,000 in 3 minutes while you sit on the couch, or allow you to retire next week without ever leaving the house! I’m not saying that folks who sell those programs are lying because I haven’t done them all, but years ago, I tried a couple of them and let’s just say the only thing that happened while I sat on the couch was I made an imprint!
Let’s face it: If you truly want to get rich & achieve financial independence, it’s going to take some work! However, if I told you that you could become rich and increase your net worth (regardless of how much money you currently make) by using a tried and true formula that consists of 3 simple steps, would you believe me? Well you should, because it works!
How do I know? Because We Have Used This Formula to Continually Increase Our Net Worth Over the Past 14 years!
As a financial coach, I am constantly looking to enhance my financial education through a variety of means (books, courses, audio, seminars, etc.). As an avid reader, my preferred choice of continual learning is through books.
I’ve read dozens of finance related books over the years. Some good, some bad. But today, I want to save you some time and effort, by listing 5 of the greatest financial books of all time.
1. Rich Dad, Poor Dad – Robert Kiyosaki – this book is the one that got me serious about financial education. I would read a financial book every now and then, but not really implement what I was learning. After reading Rich Dad, Poor Dad, I began to understand why I would take one step forward towards financial freedom but then two steps back. Making more money doesn’t do anything for you if you don’t know what to do with it and how to keep it.
Primary takeaway: Definition of an Asset vs. a Liability
It is nothing new that disagreements over financial matters is one of the primary reasons behind couples ending up in the divorce court. Although financial advice for married couples is readily available, yet they prefer continuing their fight over petty fiscal issues. If you and your partner are like most other couples, chances are high that you fight about money.
While you might hear advices that tell you to talk about money with your partner, talking is not always the only trick that works. In fact according to a study by a famous magazine group, it has been found out that 75% of couples talk about money every week. Still where's the problem? The problem is that most of us don't know how to talk about money as most couples tend to be emotional and reactive about money rather than being strategic. When emotions take a grip on you, you tend to take wrong fiscal decisions and this leads to couples drowning in debt. If you want to follow a debt free life, educate yourself on the most common fiscal mistakes that can wreck your married life.
I find that for a lot of people, pursuing wealth is a frightening endeavor, not because they are afraid of failing, but because they are scared of actually succeeding in becoming wealthy.
Many feel that they don't deserve to be wealthy. They perceive financial freedom as being so far out of reach, that they find all kinds of excuses to not pursue it.
On the flip side though, a lot of people feel they can "get rich quick". By playing the lottery, gambling at casinos or partaking in other get rich quick schemes, they think there's some easy way to get a lot of money.
The different perception of getting rich vs. building wealth is the only reason I titled my book "Getting Rich is Simple...But It Ain't Easy!" instead of "Financial Freedom is Simple". I knew the current title is likely to get more readers because people are looking for the magic pill to take, or magic wand to wave and then just watch riches fall into their lap.
In the financial classic, The Millionaire Next Door, it was shown that 80% of millionaire households are first generation. This is encouraging because it proves that just about anyone can achieve true wealth. But it is also a little disturbing because it shows that much of that wealth is NOT being passed down to future generations.
Now, I know some of you may be thinking, "I don't want my kids to just inherit millions; I want them to work for it like I did" or "I don't want them to be spoiled rich kids thinking the world is owed to them". That's understandable to feel that way. But know that the stereotypical "rich brat" that we see on TV (e.g. Paris Hilton, Brandon Davis, etc.) is an exception, NOT the norm.
While deciding to read this blog, did you have an internal struggle going on about whether I can truly show you how to never worry about money again? Did you feel like, "If he has no money worries, how come I haven't heard of him before?" Or even worse, "If he’s so rich and financially free, why is he still trying to sell stuff"?
If you didn't have these questions, great. But I run into a lot of people who do. And this is how I handle it.
First of all, let me clear up never worrying about money again. It doesn't mean not having any money problems at all. Lord knows we get our share. But by applying the formula we describe, we can say with absolute certainly that when they do happen, we can quickly and confidently create a plan to solve the problem and keep right on moving forward on our journey towards financial freedom.
I was listening to a podcast and the host had made the statement "The Wealthy Hate Waste". This struck a chord because I realized that wealthy people don't spend money frivolously.
You might be thinking, "What about those athletes or entertainers who buy 20 cars, 80 room mansions, in ground fish tanks, etc.?" I don't count them in the group I'm referring to because in most cases it wasn't true wealth accumulation that made them their money. They are actually just highly paid for their talent or skill, which is rightfully deserved, but to me it is not an indication of a person who has really built wealth. For a lot of those people, they are for the first time in their lives getting some money, and their lack of discipline and the euphoria of it all causes them to spend it unwisely.