Don't let these mistakes keep you from reaching your financial goals!
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Create financial independence.
Let me ask you…Wouldn’t it be wonderful if…
You could quit your day job at the age of 30, 40 or 50 and do something that you love instead?
You had saved enough money to comfortably live on for the rest of your life without worry?
You could leave behind a financial legacy for your children?
You were financially independent? Meaning…you do not have to rely on your kids or the government to make sure you have enough to money to live on when you are older.
You knew how to create financial independence?
Every single one of these are possible. It just takes some advance planning and thought on your part. Because in order to have future cash you have to save present cash.
I hate to break it to you…but creating financial independence does not happen over night. In fact, it takes planning and effort on your part. And the sooner you can begin the more money you will be able to save and accumulate.
Let's say you would like to have a million dollars when you are 65…how much money do you need to save?
Million dollar calculation:
Using 10% as the average rate of return (the stock market has had an average of a 10% return for the past 100 years…meaning you earn 10% on all of the money that you invest) how much each month would you need to save?
20 years old: $100 a month
30 years old: $300 a month
40 years old: $800 a month
50 years old: 2,500 a month
As you can see, the sooner you begin, the less money you need to invest.
Let's take the 20 year old – If their investment went up to $300 a month…they would have over $3mm dollars when they are 65. Yup – you read that right!
It's the magic of compounding interest. I put together a Retirement Calculator for you. Check it out….input your own numbers and see what happens.
Words of caution.
Now, I gotta warn you, investing in the stock market is NOT for the faint of heart. It goes up and it goes down….sometimes drastically. You just need to put in in there and let it be.
Also, I would like to HIGHLY suggest that you do NOT do the investing yourself. If you needed a tooth pulled you would not pull it yourself would you? Or change your own oil? Or color your own hair? Why not? Cause you want an expert, right? The same goes with your investments. Find someone you trust and let them invest for you. Or…let me help.
Check out my signature course ‘Investing for Freedom‘. Your future self will thank you …a million times over!
Advance financial planning.
For most of us, advance financial planning is not something that we were ever taught. And, it is definitely something that does not come intuitively. In fact, most of our friends are maxing out a lifestyle based on income. Thoughts of retirement are FAR away.
Start saving NOW! It is never too late. Let the magic of compounding interest create magic in your life!