Julianne Rowat asked:


etirement income secure? Everyone looks forward to retiring. People work in the corporate world 40hrs a week for 20-30yrs to retire on a pension from the company they did all those hours of hard work for. Some people owned their own brick and mortar business. Worked 20 plus years. Sold their business, hopefully for more than they put into it. Put that money in the bank in order to live off it for their retirement income. That is actually a lot to bank on. Look what is happening to our economy right now. Most of those people that worked in the corporate world have been let go. The company went bankrupt and no retirement money at all! Then how about the ones that sold their own business. Inflation hit! Gas prices went up, food prices went up. Power, water and property taxes cost more. Things on their homes need repairs, plus the value has dropped tremendously. Their car breaks down. Now all that money in the bank for retirement will not last near as long as they had hoped it would. Statistics are that 70% of people in retirement live in poverty or they have to go back to work. Wouldn’t it be great to be your own boss, have a residual income set up all before you retire? Not only that,, but have the knowledge of where to put your money into an investment that is guaranteed to pay off. The place where all the millionaires invest their money, in what commodity, in order to stay millionaires. What would it take to find a business where you do not have to work all those hard labor hours? Where you could have a residual income to retire on, or even just finish out your retirement years in luxury. First of all you would have to search for a business you could do at home. One that has a marketing formula in place for you. One that explains how to set up your business for tax purposes. When and where to invest the money you make. Find one that explains everything that you have to do in order to succeed. Most of all make sure it has a good support team to help you, forever. Make sure you do a lot of research on it, as there are a lot of internet marketing businesses out there that don’t have these qualities. I was very lucky that I found one. My retirement income was not secure! I did all of the above. I worked full time as a waitress. I owned my own brick and mortar business. I also was a real estate investor. Left my job of 20yrs, no pension. Sold my brick and mortar business, money is all gone. All the money I invested in real estate is gone due to the situation our economy is now in. I had to find something else, if I did not want to live in poverty or have to go back to work for someone else, like 70% do. I did a lot of internet searching and found exactly what business I needed. I do not have a boss, I can work what ever days or hours I want, and it is so easy, it does not seem like work at all. I even have a residual income to continue through the happiest time of life, which is retirement.

ARMIJO

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CULLEN

John Trauth asked:


What is so hard about retirement? Many people have asked themselves this question. Well, if it is so easy, then why are 41% of retirees five years out depressed and say retirement was the most difficult transition of their life? Now they are unhappy and tell us their life was better when they were working!

You can avoid this fate. To learn how, you need to understand the difficulties associated with this transition, beginning with why there are so many negative psychological associations with the whole concept of “retirement” which you may not consciously understand. You also need to understand the most common retirement myths which may be preventing you from understanding what retirement really is all about and preparing adequately for it.

The word “retirement” comes from the old French verb, “retyrer” which means “to go off into seclusion.” If you look up the word today in Webster’s dictionary, some of the synonyms you will find are: (1) withdrawal; (2) retreat; (3) seclusion; (4) departure; and (5) regression.

Who would want to do any of that? So it is not surprising that we all probably have many unconscious negative associations with retirement. We don’t want to feel old and irrelevant, and we don’t want to regress, but often our parents’retirement was followed shortly by demise and death. We certainly want to deny the inevitable, and denial can become very powerful because we don’t consciously realize we are doing it! And are we going to carefully plan for something we are carefully avoiding considering?

Denial of the importance of planning for retirement has led to five very common retirement myths.

Myth #1 is that retirement is not here now, so there is no reason to think seriously about it and plan for it. “I’ll think about that tomorrow.” We call this the “Scarlet O’Hara” myth. This myth can have devastating consequences including not saving enough money and developing serious conflicts with those closest to you who have different expectations about retirement.

Myth #2 is the belief that retirement is really simple. No big deal. I’ll just stop working and everything will be fine. What’s so hard about that? We call this the “Homer Simpson” myth. Sorry, Homer, but it doesn’t work that way. Oversimplifying retirement and not understanding the enormous personal changes involved can result in disappointment and eventually depression when things do not work out as envisioned.

Myth #3 holds that retirement will be great because it will be one, long, happy vacation. Remember those three weeks we spent in Florida or Hawaii? The rest of my life is going to be just like that. We call this the “Carnival Cruise” myth. But retirees find out very soon that leisure is only relaxing and rejuvenating when it is a counterbalance to some sort of routine, and not as a perpetual escape from reality.

Myth #4 is probably the most common myth, and it expresses the belief that your retirement will be wonderful if only you have enough money. We call this the “King Midas” myth. It is perpetuated by the advertisements of many financial services companies and by the fact that, in America, we are becoming increasingly responsible for our own financial independence after work. This is not to say that money is not important. It is. But only as a means to an end and not as an end in itself. Many wealthy retirees are unhappy.

Myth #5 is the most interesting of all. This myth holds that I am just going to love spending tons and tons of time with my spouse or life partner. We have been waiting practically all our lives to have all this wonderful time together! Now finally we can do it! We call this last myth, the “King Henry the 8th myth.” Couples who have spent 20% or less of their time together pre-retirement will have difficulty adjusting to a much higher percentage. The divorce rate is now the highest for the 55+ demographic.

So now that you know what the five most common retirement myths are, what do you do with this informaiton? You need to establish a process for getting past denial and truly engage in creating a retirement that will complement your own personality and also mesh well with those who will be sharing your retirement life. It is a process which begins with understanding why retirement is such a difficult transition and then taking steps to avoid or minimize these difficulties through planning intelligently to create your ideal retirement life.

For example, the cost of denying that retirement will change your relationship with your spouse or life partner (myth #5) suggests that you need to prepare for changing the depth of your interpersonal transactions. Decisions will now go way beyond “What’s for dinner” and include where and even how to live, which can involve difficult discussions including prioritizing wishes, examining the details of your every day lives, and listening to and compromising with your partner. You can try to “wing it”, but are you prepared to be a statistic in the new divorce paradigm?

This is the intelligent way to prepare for what could either be (a) your most difficult life transition, with a significant chance of unhappiness, or (b) the very best years of your life. Which will it be for you?



DURAN

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Paul Hata asked:


Learning to manage your money while you have more disposable income is one of the greatest gifts you can give yourself when it comes to your retirement. One of the best things you can do in order to prepare yourself for living on a ‘fixed’ income that goes along with retirement is to establish a budget and spending limit each month and live within that budget.

In fact, you might wish to establish a smaller budget than you actually think you will need in order to maximize the effect and add a little padding to your savings account. Over time, the little savings can either provide a nice boost to your retirement fund or a great night on the town as an occasional treat.

Living on a budget is one of the most difficult things that many Americans will ever face. As a matter of fact we have the nasty tendency to live at the very edge of our abilities and over extend ourselves heartily.

A good method for learning to create and establish a budget is to make a list of all your monthly spending right down to your miscellaneous expenses and convenience store and break room snacks and stops. Then add up the totals and see where you believe you can cut costs. Of course it isn’t enough merely to say you want to cut costs in certain areas, you need to create a plan of action for doing so.

If you are creating greater costs by having an afternoon coffee or snack at work see if you can bring them from home in order cut costs. Cook one extra casserole per week and freeze it in order to eliminate those last minute fast food runs when you simply don’t feel like cooking.

Take baby steps when it comes to cutting costs and over time you will find that you have learned to live with even less than you thought possible. In fact you can make it fun by making it a challenge. See who can eliminate the most money from the budget each week and actually stick to it.

The thing you do not want to do is deprive yourself to the point that you will eventually go out and undo all the good by splurging. You need to reward yourself along the way for the small steps you have taken.

Set goals for saving as well as your budget and you will find that you are much better prepared to budget your money you are confined within that budget. While you were at it, you just might find that you’ve saved enough to increase your investments enough to bump your budget a good bit when the proper time comes.

You do not have to have an all or nothing approach when you begin learning to manage your money, especially if you are making the effort before you reach the point of retirement. Little things we do on a daily basis that help us make more responsible decisions about our money will become habits over time.

Those habits will serve you well throughout life and retirement. They will also help you prioritize your spending once you are living with limited means in order to decide what you can and cannot sacrifice in order to get the most out of life.



MATHEWS

rapidcity55 asked:

and manage their funds to make sure they will have enough resources to take care of themselves in their later years.Rick Kahler, CFP, resides in Rapid City, South Dakota and is a fee-only financial planner. He is the co-author of “The Financial Wisdom of Ebenezer Scrooge” and “Conscious Finance,” both available on Amazon.com. You can learn more about Rick at wwww.kahlerfinancial.com. … elderly old retirement financial independence wealthy freedom retire money finance planning rick kahler cfp …

DELAROSA

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HANNON

Enoch Tan asked:


Your wealth is not a measure of how much you have, but how much you are capable of generating in every moment. If you had won a million dollars in the lottery but are capable of generating zero dollars, you wealth is virtually zero. Wealth is what you have left when all your money has been taken from you. That is why people who are truly wealthy never become poor even after they have lost all their money. They are able to create money on demand. The secret of wealth is creation and not possession.

A poor person who is incapable of generating income, but happens to win a million dollars, is still a poor person with a million dollars. A rich person who is capable of generating lots of money, but happens to lose all his money, is still a rich person with no money. Money does not make you rich. It is the power to obtain wealth that makes you rich. A million dollars in the hands of someone without power to create wealth, will soon become nothing. In the hands of someone with power, it never runs out.

Money is an illusion because it is not a thing in itself. Money is a representation of something else. It is an external symbol that manifest from the inner world of creativity and intention. The manifestation is complete with some form of action involved. It is only an illusion when there is a lot of money or there is no money. A person capable of generating zero dollars may possess the illusion of a million dollars, while a person capable of generating a million dollars may possess the illusion of money being run out.

When you are capable of creating money, the supply is inexhaustible. Whatever wealth that is manifested is temporary and will soon be used finish or shrink with inflation until it is next to nothing. It is only the act of recreation that sustains the presence of a particular thing in the visible world. Whatever you hold in your hand is subjected to death and decay. Old things become obsolete and it is only through constant renewal that enables anything to live on continually. Whatever stops creating, ceases to live.

It is a lunacy of people of the world to make lots of money to last them the rest of their lives, so that they can retire and never have to work to make any more money. Why retire when you should enjoy making money or enjoy doing fulfilling work that makes you money? Doing something in order to stop doing it implies that the very thing you are doing is not enjoyable. Isn’t it such a meaningless way to live life? The reason why this is so, is because many people do not even know how to live their lives correctly.

The idea of retirement is a joke. The moment you retire, you stop contributing and generating. It doesn’t matter how rich you seem to be by the amount of money you have. When you stop contributing and generating, you are virtually a bankrupt. You may have a lot of money in the bank to live on for the remainder of your probable lifespan, but if the money disappeared overnight, you are financially dead. If you somehow managed to get eternal life on earth, the very concept of retirement will disappear completely.

Life is always in motion and that which is flowing shall live. Money has to flow in and out of your life in order to sustain your life. You cannot live without spending and you cannot spend without earning. Cash flow is the core diagnosis of any financial system. Whenever your income exceeds your expenses, you are growing steadily richer every day. Whenever your expenses exceed your income, you are growing steadily poorer every day. Therefore the money wise will always keep the inflow going steady.

We either progress or regress, we never stand still. You are either growing or dying. The moment you retire, you are as good as dead. The purpose of life is to create. When a person retires, they stop creating and stop living. That is why people who retire tend to pass away in a very short span of time. They lose the purpose of remaining here on earth and therefore their subconscious mind soon brings their physical life to an end. It’s insanity that people work only to retire and then to die without having lived.

It is also an illusion that people have in mind about creating wealth to retire and have the freedom to do what they enjoy. The idea of retirement and freedom should start from day one. You should start doing something you would do if you were already retired. That is what life is for. If you do something that you truly enjoy and most desire to do, you will never work a single day of your life and you will never retire because you are already as good as retired. You are completely free when you realize this truth.

Since wealth is only a reflection of the value that you generate in this world, you never want to stop generating it. That is why there are very wealthy people who continue to do the work they do although they have more than enough money to retire and live on for many lifetimes over. They enjoy doing what they do because it is not work, but it is their life. They seek to generate value for the world for as long as they live. They are truly expressing their inner wealth as infinite and inexhaustible in their outer world.

Strive to be a man of value and generation rather than a man of riches and success. If you are generating more value in this world than you are consuming, you are already rich and a success. Every value that you consume should be for the purpose of further increasing the value you can generate. This is how you multiply the current value of the world instead of degenerating it. As long as you are alive, your purpose is to generate. That is how you make the most out of your life. You constantly generate wealth.



NETTLES

Vince Shorb asked:


Many in the military are aware that they need to start saving for their future; however many people serving our Country have no idea where to start or how much they will need. With uncertain economic times it is now more important than ever you start investing young

Retirement is long way military personnel under the age of 30; however this is a important time to begin retirement planning. And the sooner young members in the military invest the easier it will be for them to retire young. The simple lessons below will have you on the road financial security and, equally important, will allow you to fully enjoy life now. You can become financially secure in the military while you’re young with some simple steps. Follow the simple suggestions below and be on your way to and early military retirement.

1) Invest – Get that military paycheck working for you immediately. The sooner you begin to invest the sooner you can plan to retire young. By investing young you are able to harness the power of compounding interest which is a great ally in achieving your objective of an early retirement.

‘Compounding interest’ is earning money from the profits of your investments. So you’re making money off money you did not have to work for. This offers young military members a tremendous advantage. In fact, investing as little as $100 per month starting at age 18 could make you a young millionaire well before you reach retirement age. Plus it will give you the ability to do the things you like to do while keeping on track to retire young.

2) Consistent investment plan – Investing on a consistent basis will allow you to generate long-term gains over time. For most in the military this consist investing over time may allow you to retire young. Start to follow a consistent investment plan now; then as your investment knowledge grows you can add other forms of high-return investments.

An ideal investment for young military personnel ready to retire young is low-cost broad market index investments. Warren Buffet states, “A very low-cost index is going to beat a majority of the amateur-managed money or professionally-managed money.” This is one of the easiest investments you can make. An added bonus is that it takes only minimal knowledge and about 60 minutes to start getting your money working for you.

3) Diversification – Diversification lowers risk. If you have all your money invested in the stock market, and the market crashes, you could potentially lose a lot of money. Now if you had a portion of your money invested in stocks, some in real estate, some in businesses and some in other alternative investments – if any one of the markets corrects itself, you wouldn’t get hit as hard since you’re diversified.

4) Tax benefit vehicles – By using investment vehicles that give you tax benefits you’ll be on the road to retire young. A Roth IRA or other form of retirement account can be a key investment vehicle that will allow you to reduce taxes. Many people don’t realize about 40% of your income goes to pay taxes. So by choosing an investment vehicle like an IRA may help to keep more money in your pocket.

To secure your early retirement, immediately begin a consistent investment strategy. Being diversified and using investment vehicles that provide tax benefits will help to supercharge your returns. Get started now because you’ll be able to afford the things you want now and in the future.



GOLDSMITH