Women’s Top 3 Worries for Retirement

A recent survey by Lake Research Partners show the top 3 worries women have for their future are:

• The ability to pay for gas (87%)

• The ability to afford good health care (73%)

• Concern Social Security won’t be available for them (68%)

As we all know "worrying" doesn’t solve anything, but taking action certainly can. What might some alternatives be for the issues raised above?

To combat gas prices -

• Carpool or take public transportation

• Consolidate errands

• Walk or bicycle when possible ( may see health improvements too)

• Start a business from home and eliminate the cost of commuting

To afford good health care - continue reading »

Three Types of Investors

I’ve recently read there are three types of investors:

1. People who don’t invest at all
They may be the ones who feel they’re "entitled" to support from the government, or the companies they’ve worked for. Some might even expect their families to help out. Most certainly, this group has no desire to learn how to take care of themselves and their future.

2. People who invest to not lose
They are generally low risk takers. They want their money safe in CD’s or money market accounts. They might even allow their employers to choose for them where to place their 401K monies. This group usually does some research on their own, but it either intimidates them, or they just have absolutely no interest in managing their own money.

3. People who invest to win
This group doesn’t settle for "safe". They want higher returns and are willing to put forth the effort to learn more about various opportunities and investment vehicles available to them to participate in.

To quote Kiyosaki, "I realized the reason most people invest not to lose is because most people think investing is risky or that investing is gambling. Many also believe that to get higher returns means you have to take on more risk. Nothing could be further from the truth."

The key is to use "leverage", which is difficult to do if you’re an investor like #1 or #2. You need to create an asset base that will grow exponentially. Create multiple streams of income, so combined they work together, even when you’re not. As an "employee" you trade time for dollars and will only be able to earn as much as your hours worked. But leverage "yourself" by becoming a business owner (even part time to begin with), and an investor - and the entire scenario can change.

What would you do if you had more time and money? What is really important to you? I recently explored these questions with one of my clients. He attended a recent company event - had an "AHA" moment, and decided he wanted to be like investor #3. Of course, he heard from some of the best in the industry at that event, and his life will never be the same. Contact me if you’re interested in exploring those questions too…..

Until next time, J.
"Take control of your destiny or someone else will"

The Keys to Financial Independence

There’s an old saying - "Life is not a dress rehearsal. It’s the real thing".  With that there’s a certain amount of living on the edge that’s needed if one is going to excel. Does that mean you need to live on the edge of a financial cliff each week or month though? Quite the opposite - it’s very liberating to not need to worry about your finances, and then you can enjoy those moments of living on the edge.
The keys to this are:

•    Evaluating your current financial situation objectively. Get some assistance to do this if necessary. Then put a plan in place to consistently knock down your debt.

•    Minimize your taxes.  There are ways you can legally and lawfully lower your income taxes.  Learn ways that you can benefit specific to your situation.

•    Create a savings/emergency fund.  You should have a minimum of 3-6 months of income saved to pay your bills in an emergency situation.

•    Ensure proper protection, so you can sleep better at night. Is your family properly protected?  Do you have adequate life insurance? Do you have a living trust?  Find out what you need to do to protect your family’s assets.

•    Create wealth and build a legacy. This is where it gets FUN! Invest like the wealthy and see how it grows. Fully fund college accounts.  Retire early on your terms.  Make your financial dreams a reality.

•    Remember that finances are only one piece of the "being wealthy" equation.  Maintain your health so you can enjoy the fruits of your labor. Give back to your family, friends and community - it’s a wonderful feeling, embrace it.

Until next time -

Janet

"Take control of your destiny or someone else will"