Preparing For Your Golden Years

If you are like most affluent Americans, you may be an engineer for a hi-tech company, doctor working at a hospital, or perhaps you own a business. You work 50-60 hours a week and you make 6-figures of income. You get a 5% raise every year and 10% in bonuses. You pay your mortgage, contribute a few hundred bucks to your 401(k) and the rest of your hard-earned money somehow disappears between grocery bills and eating out at restaurants. At this pace, you will have $1,100,000 in retirement when you are 65. That means, you can spend $110,000/year for ten years and then you are broke and perhaps too old to work. Is this the life you have been dreaming of?

Good news is that you are the problem and also the solution. You are the problem because if you choose to do nothing about your future now, you and your family’s golden years will most likely become scrap-metal years. You are also the solution because only you can change this situation. No one else cares about your life as much as you do.

So, what can you do now? Well… if the goal of living comfortably in your retirement is an absolute must for you and you accept no other way, you will find a solution. First, focus on what you want – not what you don’t want. How much money do you want and by when? Second, think about why is this a must for you? Why do you want to be financially free when you are retired? Once you know what it is that you want and more importantly why you want it, think about how to achieve it. What do you think you need to do in order to retire comfortably? What does your gut tell you?

Intentionally, I am not offering any solutions because these days it’s not that hard to get financial advice. Many great books have been written on the subject. The real challenge is to find reasons that are good enough or important enough to you that you want to take care of your financial future.

These 3 questions we discussed here – what, why and how – are very powerful. They initiate self-discovery and make you more resourceful. If there is an area of your life that you want to make massive improvements on, let’s work together on answering these 3 questions for you.

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2 thoughts on “Preparing For Your Golden Years”

  1. Hello Andrea – It’d suggest that you begin saving and investing early on. That way, you can use the power of compound returns to build a large nest egg. Amount of time you have to invest is as important as how much money you have to invest. This is something we’ll discuss in our next article. Stay tuned! 🙂

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