While this plan can help with short-term needs, the goal is to provide enough income after you retire. We tend to think of the now rather than the not yet, but the reality is that we need to see as far down the road as we can and plan for it.
Between today and the day you stop driving, you’ll probably need to buy about seven cars. How are you going to do that over your lifetime and not pay banks and finance companies? Why don’t you build your own bank and then you can borrow from yourself interest free?
A young couple can create close to three million dollars in retirement income if they start setting aside about $450 a month today, and they can choose to live off the interest that $3M generates and leave the rest to their children, or they can spend the principal too. The more you put in every month, the more you can live off when the time comes.
Enjoy Your Money & Set Aside Some for the Future
We don’t need to spend everything we make. Enjoy the money you have today, but set enough aside so you can make your life a whole lot better tomorrow too.
- Keep your profits.
- Live within your means.
People are just looking at the immediate need, but that’s not what finance is about; finance is about your longevity. The chances of you living over the age of 85 are pretty good if you take care of yourself, and if you have planned for a good lifestyle for your last decades, then life with your loved ones will have minimal stress attached if you have enough money to ride with.
Make better decisions with your finances so you can accumulate enough wealth to benefit your future as well as your present.
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- Image idea: see-saw with risk/growth and show one with both (WOA prez)