Retirement Expert Versus Internet Finance Gurus #Finance

when it comes to preparing for retirement if you haven’t heard of the 4% rule it’s critically important let’s watch this CashNews.co by Robert croak official to see why it’s so important 43% of all Americans run out of money in retirement and that’s why

it’s so important to understand the 4% Rule and implement it into your investment strategy because the sooner you know your freedom number for retirement the more prepared you’ll be because the last thing I want to see is you being a Walmart greeter at 75 years old because you

didn’t prepare okay I completely agree with this having a game plan and knowing how much money you’re going to need in retirement is critically important the 4% rule is good but I personally wouldn’t pull the trigger and actually retire just using the 4% rur I think it’s so

important that it’s worthwhile hiring a fiduciary financial adviser to prepare a plan for you so what are some healthy goals for us to work to achieve as we prepare to retire let’s watch Graham Stefan and get his thoughts on this by 60 years old you’re going to want to have

anywhere between 10 to 12 times your annual Income saved up if you start thinking about this by the time you’re 30 this could easily be achieved by investing 10% of your salary beginning at the age of 30 to 7% return I also think it’s a really good idea to have a paid

off primary residence at this time or at least get really close to it by having a fixed cost of ownership you’re not going to have to worry about your rent or other costs going up substantially all of it really just starts small with Budgeting saving a little extra money

investing consistently now is the best time to start and this okay I think this is great advice it’s starting small and it’s starting early it’s not enough to just save we also have to invest but we want time to be on our side so if you haven’t started yet Now’s the

Time and I also think paying off our Debt gives us freedom so what do you hoping your days will look like in retirement let’s watch this CashNews.co by Jay dog retires and see if her day motivates us for when we finally get to retire I’m heading out on a bike ride I

love getting outside it’s so good for my soul here’s my bike and let’s go for a ride maybe I’ll make it to the gym I like my favorite thing is to ride my bike to the gym sun is coming up I think one of my favorite things is getting out early in the morning when it’s

super quiet and there’s no one else out out here and I think I’m going to go up on the sidewalk just cuz there might be a car coming things I love about biking is all these little curvy paths Landscaping okay I don’t know about you but that seems like a peaceful fun relaxing way

to start my day and I hope every day in retirement is relaxing fun and motivating thank you Jay dog for sharing part of your day with us most of us are really looking forward to the day we get to retire but not only is preparing for retirement a gift to ourselves it’s also a gift to our kids

if you don’t know Caleb Hammer yet let me introduce you to Caleb and get his thoughts on why we all need to prepare for retirement the reality is in our economic system you need to retire and if you do not your kid will put their life on hold like many people have on this show to take care of

you and you delaying that is irresponsible okay I think that’s great advice as I said it’s not just a gift to ourselves but it’s it’s a gift to our kids and in many parts of the world people don’t have 401ks for retirements they don’t have Ira for re retirements

what they have is kids for retirement but that’s not our culture here in the United States so preparing for retirement sacrificing today and saving money is a gift to you and to your kids so out of 50 states in the USA what’s the best state to retire let’s watch this short and

find out and number one is Florida where 20% of all of the residents are retired Florida has no state Income tax on any retirement Income including 401ks pension and social security not to mention amazing weather okay so according to the Brian Decker the number one

state in the USA to retire is Florida what do I think about that there’s a lot to be said for the tax advantages that Florida offers as the Brian Decker men iions you just have to ask yourself is that the type of state do you want to live in um do you think you’re going to Vibe with the

people in Florida do you like the weather do you like humidity in this summer and do you like the fact that 20% of the residents in Florida which is shocking are retired if that’s right for you Florida could be a great place so how much money do we need to save if we’d like $5,000 a

month in retirement let’s watch Brianna Z Finance and find out so I always factor in 3 and half% for Inflation if we were going to take 30 years

we’re going to need $1 14,34 to make the same $55,000 that it is in today’s dollars so we’re going to take that 14,000 and times it by 12 to find our annual Income then we’re going to divide this annual Income by 8 and this is because we can

get guarantees on our money that’s going to keep growing I’ve seen on the very low end 8% generally we’re looking at 10 to 14% but I like okay so right away my my sniff test is going off getting a guaranteed return of 8% is high and 10 to 14% is really high if you want to know

what a guaranteed return is look at us treasuries look at your bank account so this is probably an annuity product which means when you pass away you don’t have much if any residual value so how do us regular people retire early let’s watch this CashNews.co by Vagabond artist and then

I’ll share my thoughts stepbystep guide if you will the first thing is You’ got to utilize your 401k program to maximize the generation of wealth when you’re starting a new job you ask three things one do you have a 401k program if they don’t walk two if they do how much do

they match okay 401ks is how many of us are going to generate our Savings account for retirement I do want to remind you though when you’re retired it’s nice to have money that’s not all as you take money out all going to be taxed as taxable

Income so it’s nice to have both a a tax deferred account a tax me later account a regular 401K a Roth 401k or IRA which you can take money out later according to current tax laws with no tax and then a regular taxable account as well as much as many of us are looking forward

to retirement it can also trigger an identity crisis so let’s watch this CashNews.co by Patty does life to see how she’s handling it it’s kind of disconcerting to not know who you are who you want to be I’m not a nurse anymore that was my identity for 40 years taking care of

sick premature babies oh yeah I could talk about that till I’m glue in the face but that’s over who am I now okay that’s a question we’re all going to have to answer is who are we outside of our job I think it’s super healthy to tackle this whether you’re 30

years old 40 years old or 63 and A2 and about to retire the sooner we think about who are we outside of the easy identity of our job the sooner we’ll be able to prepare mentally to retire many of us are working hard and dreaming about being able to retire but what’s it really going to

feel like when that first day of retirement comes let’s watch this CashNews.co together okay I think many of us are hoping that that’s how we feel on our first day not just our first day but hopefully on our 100th day our 10,000th day and and Beyond so we’ve worked hard reaching

that what I call starting line of our retirement is a big big milestone and I hope we celebrate at it like this and this is the vacation phase there’s three phases of retirement the first phase is the vacation phase then we start to feel a little bit of a loss and then finally we come up with

our new identity so I hope we’re all dancing like this on our first day what are the five steps that many of us can be taking today in order to prepare to retire early let’s watch this CashNews.co by conel Danielle and see what her views are 10 years step number one payoff bad

Debt that is costing you non-efficient interest if you don’t know what that means let me know in the comment and I’ll explain step number two create multiple Revenue streams an average millionaire has seven Revenue streams step number

three invest in yourself to acquire high paying skills step number four learn how to earn passive Income I talk about that in my free master class and step number five and this is the key ingredient compound so that your money makes money and the money that money makes also makes

money okay those are five good steps my favorite of those five was investing in yourself it gives you a higher quality of life let you earn more money let you save more money and if you do that wisely hopefully we can all retire early