If you have children, grandchildren, nieces and nephews who are age 18 to 35 and working full-time or part-time give them the best gift of all this week. Give them the gift of financial freedom. Have “The Talk” with them to put them on the right path once land their first job in high school of college.
Urge them start investing a little more before they get caught up spending too much money on Christmas gifts this year. Insist that they begin investing more (just $15 – $25 per week or $60 – $100) per month in an IRA or their company’s retirement plan (401k, 403b…) starting on November 1st to amass as much as $750,000, $1,000,000, $2,000,000 or more by the time they’re 50 – 60 years old.
Step 1. Meet with a retirement investment planner at your bank, a brokerage firm (Fidelity, TROWE, Schwab, American Century, or other well known firms) or their company Human Resources Benefits representative. Setup a retirement account and have their payroll department deduct at least $50, $75 or $100 per month ($600, $900, $1,200 per year) before taxes. They’ll never miss it since so much of their money goes to Uncle Sam as taxes. This way they keep more of their hard earned money and put it to work for them versus the government.
Step 2. Continue to investing for the rest of their life and increase their investment level (% of income) as the receive raises over the next 30-35 years until they’re investing 15% – 20% of their gross pay toward retirement. Have their representative invest their hard earned money in the Standard & Poor (S&P) 500 index fund, target date fund or a mutual fund that has a historical annual Rate of Return (ROR) of 6%-10% on average.
Step 3. Set It and Forget It (SIFI) by using automatically invest through your company payroll deduction. Never take a loan against their retirement account as it grows no matter how tempting it is or difficult life gets along the way. Discipline and patient investing during good and bad times is how the rich get richer. They invest during good and bad times knowing that their prize is a life of freedom once they have enough wealth to live off of after gains are accumulated over 3 – 4 decades while 90% of other Americans have to continue working in dead end jobs and never really gain the freedom they deserve. If you are middle aged it not too late. While you may not amass multi-millions you will accumulate much more wealth to help you live a better life after retirement. Just Do It. The system is setup for everyone to be very wealthy if they know how to play the game and actually play the game. Much love to you all.
Click Purchase your copy of “Make It Rain” to learn more tips and use my simple ten step system to accumulate more wealth, earn more money and retire with greater financial security. Share my post with your friends to help us create a million more millionaires across America.
It?¦s actually a cool and useful piece of information. I am happy that you just shared this helpful information with us. Please keep us up to date like this. Thank you for sharing.