Did you know that 97% off all people in the United States will depend upon government or family aide for living after the age of 65?
If you work for your employer all your life and save in your 401-k, this will, more than likely, be you. You must do something extra to prepare for your “golden years”, even to improve your current lifestyle.
I once had a high school teacher who gave C’s to anyone who did everything he required and got A’s on all the exams. He said that to do what was required made you average. He expected more class time, additional papers and projects, extra credit work on exams. He told us that, if you don’t do extra, you won’t be successful, you’ll simply be like everyone else.
Now, as you can imagine, this created quite an uproar with the students. Even the involved parents argued with this grading structure and it was a real negative to find yourself in his class.
Jump ahead 40 years and I realize he was one of my few professors who taught real life skills. Little did we all acknowledge how right-on he was. I wish I remembered his name so that I could tell him what I now know and thank him for his willingness to go against the grain on his student’s behalf. Had none of the parents already learned this lesson?
I guess not. After all, in my parents generation, all they’d seen was the benefit of a good education and working for a successful company where you would retire at 65 with a pension and a gold watch. Have you noticed that those days are gone? Even our parents found that many companies laid them off when they hit late 50’s to avoid paying those pensions and new companies don’t even offer them.
Recognize that each of us is responsible for creating our own destiny (which is a good thing if you prepare that way). This reality hits at a time when so many have what’s come to be known as “entitlement issues”. We take for granted and expect the government to take care of us in our old age. Well, social security is broke so don’t put all your eggs in that basket. Besides, how many eggs will they give you to live on anyway? Not enough for me.
So, as for me and my household, we’re investing in real estate as one of our income streams. Now’s a great time to buy properties because pricing and interest rates are so low. In 10 years, tenants will have paid down mortgage balances and rents will have gone up while our payments will remain the same. It’s quite a simple formula so long as you know how and where to buy.
We offer local coaching and mentoring to help others who are interested in this strategy and it is something we recommend to everyone. Real estate investing has been very good to us.
We’re now branching out into other investment areas to generate additional streams of passive income. What have you tried? What’s working for you? How soon can you retire financially free? If this is not something you’ve taken time to think about , do it now. Write out your goals and include strategies for accomplishing them.
Remember, if you’re going to work everyday and providing for your family like everyone else you know, you’re average. Don’t be surprised when you get close to retirement if you realize that, financially, you can’t. You can’t be surprised because I’ve warned you.
And from me, many thanks to my professor, wherever he is.
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