As you are already aware I’m not one that shouts or dwells upon gloom and doom, I’m more for “What action are you going to take?” The warning bells are getting plenty loud and more frequent out there. This week’s weekend edition of The Wall Street Journal featured an article entitled “Boomers Find 401(k) Plans Come Up Short”.<\/p>\n
Here’s two sad observations from the article;<\/p>\n
“The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement.”<\/p>\n
“Even counting Social Security and any pensions or other savings, most 401(k) participants appear to have insufficient savings\u2026Facing shortfalls, many people are postponing retirement, moving to cheaper housing, buying less-expensive food, cutting back on travel, taking bigger risks with their investments and making sacrifices they never imagined.”<\/p>\n
There are lots of people playing the blame game, pointing fingers and demanding that Uncle Sam do something. And if the “Blame Game” were an Olympic Sport there would be a lot of Gold medalists walking around. The crux of the matter is what are you and I going to DO about your situation? Wait and hope and wish and think? Really? Seriously? Has waiting and hoping and thinking put any<\/em> funds in your bank account?<\/p>\n A more financially intelligent move would be to invest in your financial education, take back control of your money instead of giving it over to mutual fund companies and financial planners who collect fees whether the fund or market goes up or down. Read and learn from books like “Cash Flow Quadrant” or “God wants you to be Rich” or “You were Born Rich” and of course; “Think and Grow Rich”. Begin investing in ASSETS that produce cash flow such a building a business that produces revenue and ultimately becomes a sell-able or will-able ASSET. And the ASSET you and I must start with is yourSelf. <\/p>\n You can cut expenses, downsize your lifestyle, trim your budget all the way down to zero. And then what happens when the expense of even a meager existence goes up? At some point all of us MUST consider and ACT upon creating additional streams of income. And when we get to that point…the line in the sand…the “I’m not going to take it anymore”…the fastest path to learning is to find a coach or mentor who has already done what you seek to do. And then follow their instructions!!<\/p>\n Live With Intention, As you are already aware I’m not one that shouts or dwells upon gloom and doom, I’m more for “What action are you going to take?” The warning bells are getting plenty loud and more frequent out there. This week’s … Continue reading
\nDr Bill<\/p>\n","protected":false},"excerpt":{"rendered":"