Ask Joshua
Ask Joshua

When you ask yourself good questions, your mind is forced to come up with a good answer. Retirement is a major issue in life, and it is something that to far off everyone mind. Not this person. If only more people ask themselves this question.

Question: How can I make enough money to retire in 10 years

Answer: If you had $1,000,000 in the bank right now, would you be able to retire? It may seem like a simple question, but just for the sake of it, let’s examine it. First of all, in order to retire with 1 million dollars in the bank, you could not spend it. Yes, you read it right. Think about it, that money has to last you the rest of your life. Even if you only have 30 years left till your expected life span to expire ( that sounded promising ) that is only $2,777 dollars a month. That may possibly get you by now, but will $640 a week be enough in 15 years? With inflation at 5% that may not be. However, if your money is in a interest bearing account yielding 5% ( money market, IRA ) that is $961 a week, which may be a little easier, but what is 961$ a week going to buy you in say, 25 years? The sad reality is that most retirement accounts may not even reach $500,000 by the time they retire.

My experience in the financial field has taught me that retirement is not an age, it is a number. You need to know how much you need in the bank to last you the rest of your life, keeping in mind the rate of inflation. Still depressed? Sadly, the majority of the population may not see a promising retirement, unless they really plan. Just putting money in an account blindly, hoping to see enough funds is not enough, you must know your FIN number. What is that?

It is something that American Express charges consumers $500 to calculate. It is you Financial Independence Number. It is how much you must have at the time of your retirement to last the duration of your life expectancy. Their are calculators all over the net that can help you find this information. Or, you could start $500 in the hole and go to American Express. Here is a good start www.moneycentral.msn.com/retire/planner.aspx.

However you look at it, most need to make more money. Once you know how much you need to retire, it is time to start strategically revamping your life. That is where I can help.

You should never be at a stand still with your life. You should always keep working towards the next step in your plan. Those that truly plan their future, are in great shape when they retire. Otherwise you will continue to have to work. You must maximize every opportunity to continue to make more money. If you rely on raises every year to get you by, then you are in trouble. With inflation at 5%, and raises at 3%, you are losing 2% buying power every year.

It is time for real strategic intervention, and start making changes in your life. If you keep doing what you’ve always done, your going to keep getting what you’ve always gotten. Change must happen.

This answer is to help you really put retirement in perspective. Accurate knowledge is the only thing that can help you win. Now the only thing you can do is Decide that you will retire comfortably, only then will you truly Discover how to make this happen. You can do this by modeling those who have retired comfortably, and what strategies they took.

Then you must Deliver those strategies. It can happen, because it has happened. You just need to know how. It all starts with a decision to make a change. Change is the key. Who knows, maybe that change will lead to a new promising life. Maybe you will find a life’s work, who knows? Only you can answer that question.

For further information, e-mail me at inspire@joshuabrecht.com

Make that change today.

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