Retire poor or financially independent. What will you choose?

Americans retirement future is in crisis mode

Americans are facing a retirement crisis.  Most are ill prepared for the realities of retirement.  Here are some sobering statistics:

1. 10,000 baby boomers a day turn 65
2. 45% of US retirees live below the poverty line
3. Poverty is higher among women
4. 90% of Americans do not own their own business

The situation is largely a caused by our 20th century world view.  My father and grandfather were taught to get a good education, get a job with a good company, live on less than you earn, and save.  For all of their good intentions, this is the recipe that led to mass poverty.  In nearly all of human history prior to world war 2, people remained in close family units.  They worked together to build a life.  They worked to pass it on to the next generation.  My great grandparents would have eaten dirt rather than sell their land. They valued giving it to the next generation.  Today, family units are scattered.  We rarely see each other much less work together.

 A new business paradigm for a new century

Harvard Business Review recently published an article Why the 21st Century will belong to the family business.  Big corporations take the short-term view of the next quarters earnings reports.  CFO's will sacrifice long-term good for short-term gain.  Family businesses are the opposite.  They sacrifice now for the long-term.  They look to add lasting value.  Their motivation does not come from the stockholder but rather making the family secure.  

The Wall's paradigm shift

My husband and I do not think like average Americans.  We chose a different path.  We decided there would be no excuses and we will do what it takes to succeed.  We studied for two years before we started our business.  We realigned our resources.  We cast a vision and set a goal.  Here are some of the changes.

1. We sold all of our stock and stock options and got completely out of the market
2. I got my Realtor's license
3. We invested in property
4. We moved in with our children and rented out our house.  This move cut $4,000 per month from our expenses, added $1,000 per month to our income and provided massive tax breaks on the property.
5. My oldest son rehabs property, builds advertising and networks.
6. My husband plans and executes long-term activities.
7. My bother is the construction manager.
8. My sister-in-law keeps the books
9. I meet with bankers, investors, buy property, etc.
10. My youngest son is in the Marines but has a law degree in tax and business entities.  He has an MBA and will come home to the business.
11. My brother, both sons, my husband and I pooled our financial resources into an LLC to expand the business.  

We act differently because we want a different outcome.  It is paying off.  Our retirement is realistically 4 years away.  It has been difficult.  We have made mistakes but we always fall forward.   Our passion is to help those around us achieve their own financial security.  If you read my blogs from that perspective, you will understand our soul.

We look forward to helping you on your journey to financial independence.

Published at http://blog.jodywallrealtor.com/uncategorized/retire-with-family-business.html