Now from the 4 most dangerous words in any language “I already know that” dept;
Warren Buffett, Bill Bonner, Bill Gross, Barron’s and Jeremy Grantham have all made statements that the best growth we can see from the stock market would be 5 or 6 % per year for the next 10 yrs thanx to the baby boomers & their spending patterns.
As of January 1st the average age of American Baby Boomers = 55
Average amount in a retirement plan (IRA, 401k combined) = Less than $50,000.
Number of years at 6% growth for the 50k to reach retirement income = 63
These numbers mean the average baby boomer could retire at age 118. Which fits the current recommendations of mainstream financial advisors “Baby boomers should expect to work longer”.
Do the math. To retire on $3000. per month at today’s wonderful interest rates of 2% (the high end CD rate according to Bankrate.com as of today) you and I would need to have a whopping 2 million bucks in the bank.
And so you say; “I already know that”. Great! Most people are clueless. The question is; which is going to be more “doable” – saving $2 million doing what you’re doing now? or getting to work – part time – and building additional streams of income? Especially residual income.
And what if you need more than $3k per month to live your life?
Use your fear as fuel. The formula is simple; DECIDE then Take MASSIVE ACTION and Change your physiology. Find a coach or mentor that is willing to assist you – if you’re ready to do what you know.
…and I know you already know that.
Live With Intention,
Dr Bill