What to Expect
Freedom. The option to work…or not. Security. Confidence that your loved ones are properly cared for. It is our belief that when your values and goals are integrated into a fully implemented strategy, you are able to live a powerful life that will touch, move, and inspire others.
Think about the ideal lifestyle you would like to have once you reach financial independence...
… will you be a traveler (see the Pyramids, the Great Wall), an artist (Photo safaris in Africa, painting landscapes in the Swiss Alps), an athlete (golfer at St Andrews, or tennis player at Wimbledon), a volunteer etc. Regardless of how you choose to live those years, you’re going to depend on the cash flow producing assets you accumulated throughout your working years.
Did you know?
- 1 in 3 Americans have $0 saved for retirement
- 56% have less than $10,000 saved for retirement
- Women are more likely than men to have no or little retirement savings
- Millennials are 50 % more likely to not have retirement savings than people aged 55 or over
- About 75% of Americans over 40 are behind on saving for retirement
What Retirement without Savings Looks Like-
- You’ll need to live off your Social Security benefits.
- The average monthly social security payment to retired workers is $1,441 in 2019.
- You might have to get a roommate
- You might need to move in with your adult children!
- You might have to continue working
- You’ll need to consider downsizing your home
- Selling the big house and downgrading to smaller or more affordable living arrangements
How you can live your ideal lifestyle-
- In your 20s: At this point in your life, your living expenses are generally so low you can easily manage to obtain high cash flow producing investments
- (3-5 should do it) to create financial independence for yourself.
- In your 30s: You should be at least half way to financial independence before buying your first home.
- In your 40s and 50s: Complete your financial independence and college saving goals and begin preparing your child in college for their own financial independence.
Sources: Todd Campbell- Motley Fool, Elyssa Kirkham- Time, Paul Sisolak- Huffington Post