Tag: Estate Planning
Retirement Planning: Are you Ready for Retirement? with Oak Harvest Retirement Success Plan
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
[Music] welcome to the retirement income show on Market Lane alongside the CEO and founder of Oak Harvest Financial Group that of course is Troy sharp Troy is a certified financial planner professional his team at Oak Harvest is incredible if you want to go to the website to learn more elk Harvest financialgroup.com Oak Harvest fg.com works as well a lot of great information on the website you can learn about Jared Kinney Ryan Kenny you can learn about Chris Paris Jessica canella the whole team there's just a phenomenal team Oak Harvest financialgroup.com and of course you can always go to the YouTube channel there's over 300 videos on there about any topic you can think about in the financial world the retirement world uh it's phenomenal and there's no cost you subscribe you'll know when all the new ones are out but there's no cost to any of that YouTube check out Troy sharp and Oak Harvest Troy's office located at 921 oral City Way I-10 and Bunker Hill they they are here for you if you need help they would love to help they just don't know if they can help until you reach out and you can do that just by giving them a call 800-822-64-34-800-822-64 34 today we're going to be talking the retirement success plan Troy is going to explain what this is and it's the process so it's about investment planning income planning tax planning health planning Estate Planning and they all go together Social Security and Medicare are in there as well you know you've done this for a long time you sat down with a lot of people so you kind of understand the common mistakes the common things that we Overlook as well this will be good going through the retirement success plan how are you going to inform us today of this retirement success plan well just like we have as humans we have basic needs right we have that hierarchy of we need shelter we need food we need security in retirement or once we get to retirement people have their the same concerns the same questions we all have the same let's call it fears do we have enough you know can you retire when can you retire how much can you spend when you do retire without the fear of running out of money we all want to pay less tax right the government can get their fair share but not a not a penny more and whatever that fair share is it's it's defined differently based on your plan so if you take the government's plan there they want to get as much from you as possible and the tax law is set up in a way that if you don't plan for taxes in retirement oftentimes we see people in situations where if they keep doing what they're doing 200 300 500 800 we sat down with a client prospective client recently and we're doing this analysis it was well over a million dollars in taxes if he kept doing the his way of things the way that his advisor had him doing it in regards to his income plan and tax plan and retirement well there was no tax plan obviously but his income plan was going to lead create this domino effect of his tax bill being over the course of time over the course of 25 years over a million dollars in estimated taxes that he was going to pay that he simply didn't have to pay if he went about a different approach the approach that I'm going to talk with you about today as far as step three of our retirement success process the tax planning aspect so just like we have basic needs as human beings we have basic concerns when it comes to retirement and we've created the structured process and that's the beautiful thing about the retirement success plan is it's a plan that is something that is actionable but it's also living and breathing it's something we will review with you throughout the year once you're a client but it's also a process and we believe in structure here we're really big on structure and process and that keeps us organized that keeps us on schedule and that keeps us ahead of the planning curve in order to do the things that we promise for everyone that's entrusted so much to us and I'm talking about your retirement you worked for 30 years 40 years 50 years in some cases and you save up whether it's five hundred thousand dollars or five million or 50 million you need a team of people that of course are knowledgeable but before education and certifications and designations and training and experience first and foremost you need somebody that cares okay if you start there with someone that's a fiduciary and not just you can be a fiduciary and still do the wrong thing I've seen it for years in the industry where fiduciary advisors still sell mutual funds that have high fees and commissions and they can make justifications for why they're selling them or why they think you're they're in your best interest I don't believe that they are personally um we would never put someone into a mutual fund that is charging a five percent front end commission and then you know has two or two and a half percent of hidden fees and we've seen that for for years coming from fiduciary firms fiduciary advisors so you start with from Ground Zero are you working with somebody who truly cares who's truly passionate about retirement so with that philosophy in mind that's the foundation of of what we look at when we hire people here at Oak Harvest Financial Group you could have all the designations in the world all the education all the experience but if if you're arrogant if you're not humble if you're not hungry if you're not continuing strive to be continuing to strive to be a better person we don't want you to work here because that foundational element do you care about the people that you're working with on a human level if that's not there then you know we don't want any part of that type of person I don't care how much you produce how what the metrics are when it comes to how we measure advisor performance so that's the foundation now once you have someone that cares you want a structured process in place to deal with those big questions that you have the big concerns that you have so do you have enough yet it's not just a yes or no question it's a function of how much do you spend what is your health situation if you're healthy yes of course you're going to live longer most likely but are you planning for the increased medical costs in increased probability of needing long-term care or Assisted Living these are aspects that healthier people do have to absolutely be concerned about those that are less healthy it's less likely you're going to have a two or three year four or five year stay in a long-term care facility or need nurses in the home so when we talk about do you have enough and can you retire these are all the answers to those questions are function of how much do you spend what is your longevity what is your health situation your of course your family history um but not only that it's what are we doing with the other aspects of this process meaning the income planning side the tax planning side what about the health care side you know are you retiring before Medicare do we need to look at some type of Health Care planning that qualifies you to receive a subsidy so you're not paying two thousand dollars a month for both spouses for health insurance that maybe we get it down to 400 a month or 600 a month or maybe no out-of-pocket costs whatsoever for health insurance premiums you can do that with proper planning but you need the right type of asset structure meaning if you have all your money in retirement accounts this is where tax planning comes in when you take money out that goes on to your 1040 your tax return and then you probably aren't going to qualify for as big a subsidy as if you had money saved and non-ira accounts so this the structuring of income planning tax planning Health Care planning and then of course the estate side of things this is all what the oak Harvest retirement success process the retirement success plan is and that's what you receive when you become a client it is a very clear and structured process that we go through but then it's also a plan that is living and breathing and we're making adjustments as time goes on tax law changes economic conditions change goals change your spending levels will change it retirement is and we've only learned this you know from years and years of experience the best delayed plans we can't just set him and forget them you know plans need constant monitoring just like a plant or a garden or you know a human being so the retirement success process we're going to get into today to to today we're going to focus on the first three steps the first step is risk management and investment planning next step is income planning so income planning is social security when do we take that it's not just based on the math which it does play a role but when we start to look at are you a conservative investor okay versus an aggressive investor investor that plays into the Social Security election decision of course your Health and Longevity plays in market conditions okay are we in a recession when you're thinking about taking social security are your accounts down 20 30 percent or did we have a really really good year last year and it looks like we're gonna have a good year this year all of these factors kind of tie in to that income planning component as well as many other we're going to talk about and then the big one we're gonna we're gonna get into is tax planning that's step three of the retirement success process and when you start to understand that retirement is a set of dominoes when you're young you work you put the kids through school you deal with traffic you deal with bosses you deal with if you run your own business all the headaches that come with that you deal with so many different things money is really really simple it's life that's complicated in the accumulation phase once we get to retirement now life gets a little bit more simple it's the money it's the decisions you have to make and the realization that every single decision you make how you invest the portfolio impacts not not only how much income you can take today but how much income you can take down the road the sequence of returns risk based on how you've invested sequence of returns is if the market goes down and you're also taking money out you exacerbate that downturn in the market because there's no paychecks coming in you're you're pulling money out and losing in the market so these decisions every single one that you make it's a domino effect it impacts everything else it impacts the tax plan it impacts the income strategy can impact the health care it can impact absolutely the estate plan so we walk you through this process so we have a plan in place we call it the retirement success plan and the goal is for you to have security first and foremost but what I find most often is the outcome is that people feel more comfortable they feel more secure and they're able to enjoy retirement a bit more because they've they have a plan in place that addresses all these certain needs but also through the continual monitoring and adjusting and conversations one thing I love about our process is when someone comes to us and we have that first meeting where it's just get to know you you know no pressure no obligation no cost we get the information we do an analysis between that first and that second visit and then when we come back on that second visit you actually get to see what it's like to be a client at Oak Harvest Financial Group because that second visit with us we're starting to go through the foundation of a financial plan we're starting to discuss the decisions that you have to make not only this year but in the future so that's almost exactly what it's like to have an annual review with us or a semi-annual review with us so I love that about our process is that you get to see before you ever decide to become a client what it's like to actually be a client when we have up on the big television screen all of the information the choices you have to make the impact of making different decisions how it impacts your taxes how it impacts your income how it impacts your account balances when we do a sensitivity analysis and and show you okay this outcome in the market and this outcome for income decisions versus this one here are the possible outcomes for those choices and that those combination of choices so you get to see what it's like to actually be a client just through our normal process of going through that first second and third visit with us many Engineers it takes a little bit longer than that sometimes it's four or five visits but our goal is to Simply provide value we want to make deposits in your life we want to provide value and you know people see that value and they say you know what I think you guys could be a great part of my financial team my retirement team and yes I want to work with you Troy so if that's you if you don't have a retirement success plan if you don't have a tax plan income plan if you don't understand the guard rails what I'm going to get into in this next segment as far as risk management in retirement give us a call we want you to leave a message there's no one here working on the weekends if you're watching this on YouTube if you're listening to this later and it's during the week sure give us a call someone will pick up but we want to have a conversation just to see what's important to you who you are if you're a good fit for what we do and of course you can ask questions to see if we're a good fit for you and then we'll schedule that first visit there's no cost no obligation we can do it through Zoom we can do it in person at the office right here at I-10 and Bunker Hill in Memorial City and that first visit we'll have a cup of coffee a glass of water and just get to know each other and if we are a good fit at that point we'll get that second scheduled we'll do the analysis that I talked about and we'll walk you through that retirement success process so you can have those big questions answered do you have enough can you retire and how do you pay less tax 1-800-822-6434 1-800-822-6434 Oak Harvest Financial Group check out the YouTube channel check out the website Oak Harvest Financial Group so when you think about this this is what I think you should really like about it it's you're working with the team at Oak Harvest for your retirement right to coming up with that retirement success plan you're the CEO it's your retirement look at Troy and the team at Oak Harvest as your Chief Financial Officer here to help guide you you're going to make the decisions they're going to give you the choices right and it's up to you because it is your retirement it's your hopes and dreams your bucket list and all of that it's really important though that they understand your feelings your thoughts your hopes your dreams it is about you so you've got to talk to them and they're here to listen and they're here to help again that number is 800-822-6434 risk management how important is it what actually is it Troy we'll explain when we come back this is the retirement income show with Troy sharp out of Oak Harvest Financial Group back right after this investment advisory services offered through Oak Harvest Financial Group LLC Oak Harbor's Financial Group is an independent Financial Services firm that helps people create retirement strategies using a variety of insurance and investment products investing involves risk including the loss of principal any references to protection benefits or lifetime income generally refer to fixed Insurance products never Securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company Oak Harbor's Financial Group LLC is not permitted to offer a No statement made during this show shall constitute tax or legal advice you should speak to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency this radio show is a paid placement foreign [Music]
Step 1 The Retirement Success Process: Investment and Risk Management
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
foreign welcome back to the retirement income show I'm Mark Elliott here with the CEO and founder of Oak Harvest Finance group we're talking about the retirement success plan once it's in place it's not done it's not finished it's always changing and evolving with you and your life so it's really important to get this in place to have a plan give you more confidence and and be more comfortable in retirement with maybe hopefully not so much stress about where you are again that number is 800-822-6434 to learn more 800-822-6434 Troy's breaking down what is exactly the retirement success plan so it starts with the investment plan then it's the income plan then it's a tax plan then it's a health plan and then it is the estate plan so I want to kind of tie together why that sequence is is important just briefly but if you don't understand if you don't have a proper risk management structure in place obviously you open the potential for losses beyond your willingness to stay the course now it's not just stay the course with the Investments it's stay the course with your retirement success plan with your financial plan so we have to Define what those guard rails are first this is the process of understanding where your risk limitations are so if you think about you're going down a highway and of course you have guard rails on each side and if you go off the highway those guard rails are there to protect you from going into the opposing Direction on the freeway now in retirement when we're talking about managing risk when we can identify these emotional guardrails so are you willing to see and I and I'd like to Define risk in terms of dollars not percentages and I'll tell you why in a minute but let's say you have a million dollars saved for retirement if all that money is in your 401k first and foremost we have to realize that it's not really a million dollars because every dollar in there is tax deferred so we have to understand we're going to address that as part of this process but when we talk about risk we have to understand that not all of those dollars are yours you have a junior partner on that account we want to keep them a junior partner we don't want Uncle Sam to become a senior partner or a majority share owner of your retirement account but just understanding that that not all of that money is yours that you do have a junior partner in that account it ties into this risk management discussion a little bit so when we talk about risk in terms of dollars are you willing to see your account go down two hundred thousand just a question could be yes could be no it doesn't there is no right or wrong answer but by asking these questions we can start to Define where your emotional guard rails are because the number one thing that you can do when it comes to ruining a financial plan or a retirement plan is to have more risks so your accounts go down more than you can mentally tolerate emotionally withstand and then you sell get out sit in cash for two or three years miss the rebound and now you're you're in a you know you're in a bad bad bad spot I can't tell you I mean we've been through this so many times with clients and conversations about you know Troy I've been watching the news I think we're going into recession we need to get out of the market we need to do this or my accounts are down 10 or 20 or when covid hit we there's a plan for for a proper plan accounts for the markets being down 20 or 30 percent so when we talk about risk management and we're asking you these questions the reason why is because we're already planning for recessions we're planning for potential Market crashes this is part of life okay we cannot avoid these things unless we completely stay in cash and if that's the case you might as well bury the money in the backyard and just spend whatever you can and hope you don't run out and eat rice and beans for for for retirement and that's not how most of our clients that's not how most of you want to spend you know after working for an entire career you want to spend your life so are you okay with a 200 000 decline by the way which is 20 and the reason why I Define it in terms of dollars is because a long time ago I had a client come in well it was a prospective client at the time and like most financial advisors we would talk about it in terms of percentages and and we said are you okay with a 10 or 20 decline he said you know what 20 is pretty much my Max and he had around a million dollars so then I I just happened to put it in terms of dollars and I said okay so if your accounts go down two hundred thousand dollars you're okay with that and he said he said no Troy he said I would fire you on the spot and so that you know for me it connected a Big Dot It was kind of a big evolution in my career when I was younger because I realized I'm a financial guy I do this every single day I think in terms of percentages and statistics and and but most people think in terms of dollars so when we ask you that question you say yes I'm okay with a 200 000 or 100 000 or maybe it's not even close to that or maybe it's much much much more what that does for us is it helps to Define what type of portfolio we need to construct so emotionally there's a small probability that it is going to hit your your downside guard ramp and if we can go through retirement and not ever hit that downside guard rail well there's a very good chance from our experience that you're going to stay the course you're going to stick with your plan and if you can stick with your plan you have a much higher probability of success in retirement this is why we call it the retirement success process this is why we call it a retirement success plan this is what we want to deliver to you so now I said I wanted to talk a little bit about the sequence and why risk management in investment planning comes first if we don't and in most simple terms if if your money let's say you have a million bucks and you never had to take anything out if you average four percent versus nine percent at higher rates of return you obviously can expect your accounts to grow to a larger value that means the income planning is impacted that also means that now your tax planning is impacted so we can't build an income plan or a tax plan without first understanding an estimated reasonable expected return for a combination of Securities inside a portfolio so step one has to be this risk management discussion which then can lead us to the investment construction of your portfolio which then gives us a pretty good idea of expected return upside downside deviation so we can now start talking about income planning we can actually project and do a sensitivity analysis on tax planning based on different account levels let me break that down for you before we get into the tax planning section later on the show if you have a million dollars in your IRA you are forced to start taking a certain percentage out it's around four percent at age 72 but as you get to be 74 76 77 you're required to distribute a larger and larger percentage so if your million grows to 1.5 you take let's say four percent of that out that's a that's a number that is less than if your IRA grows to 2 million so the more aggressive your portfolio is or the higher expected return the more we should anticipate that require minimum distribution being a larger number that rmd is the amount you're forced to take out and pay taxes on we've seen clients I I'd like to phrase this for prospective clients because we address this with you as a client this is part of the retirement success process and the retirement success plan but so often when someone comes in here and they've done a pretty good job saving they have eight hundred thousand they have a million they have two or three million when we start to do this analysis if you don't address this tax problem and it is a tax problem it can be you know a tax nightmare for many of you those rmds when we get out to be 75 and 77 or 78 a hundred thousand hundred and fifty thousand two hundred thousand now you're taking that money out you're probably not spending that much on top of Social Security on top of any rental income or real estate income or pension or dividend or interest or any other income that you have outside of your retirement account and we've seen many people be in a much higher tax bracket and have much more income in their 80s than they ever had throughout their entire life up to that point and it's because of a lack of planning so that's what we're trying to get ahead of so we have to understand the risk structure of our portfolio and how we manage that risk so we can keep you on course we can keep you on schedule with your plan that then gives us an idea of a range of expected returns based on basic financial planning Concepts from there we can develop that income strategy and income is not just Social Security it's not just how much to take out don't get me started on the four percent rule but it is also from which accounts and then we get into the taxes so if you don't have a retirement success plan give us a call 1-800-822-6434 we're going to walk you through this process if you become a client you will have this plan in place that deals with risk Investments taxes income along with the rest of the retirement success plan 1-800-822-6434 Oak Harvest Financial Group check out the website check out the YouTube channel Oak Harvest Financial Group so we're talking about the retirement success plan Troy still got a lot to get to stay with us we're back in one minute investment advisory services offered through Oak Harvest Financial Group LLC Oak Harbor's Financial Group is an independent Financial Services firm that helps people create retirement strategies using a variety of insurance and investment products investing involves risk including the loss of principal any references to protection benefits or lifetime income generally refer to fixed Insurance products never Securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company Oak Harbor's Financial Group LLC is not permitted to offer a No statement made during this show shall constitute tax or legal advice you should speak to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency this radio show is a paid placement foreign [Music]
Aim to be Wealthy Not Rich | How to Accumulate Wealth
Jason 0 Comments Retire Wealthy
hey guys toby mathis here with infinity investing and a question i get a lot and something i want to address today specifically is whether it's important to be rich or wealthy what is the difference and why it is so important to be wealthy not rich the easy way to look at this is rich is something that's temporary if if we were farming for example rich is having bushels of corn maybe a full silo wealthy is actually owning the farmland and the crops themselves so one thing's going to generate a ton more riches over time so that's the way i look at wealth is wealth is really hard to get rid of because it keeps producing as opposed to rich might be a temporary situation like if i win the lottery then i could be considered rich but i'm not wealthy wealthy is having something that's going to produce income over a long period of time when we teach infinity investing we're almost always focusing on on the crops not on the whatever whatever it's generating the money that comes out of it so we're oftentimes we're focusing in on creating perpetual income streams in the form of dividend producing stocks with the ability to sell options on those same stocks generating multiple types of income there's the dividend stream there's the growth of the stock and there's also the sale of the option so you're making money three different ways uh when you're investing in the stock market or if you're going into real estate you're looking at cash flow we're not so interested in selling the real estate we want that this is again like farmland where we have the farmland and we're growing crops on it and it's producing uh the fruits and the vegetables of the labor right it's producing something that we can sell or live off of you know we can exchange it for money when i say sell think of it like this i can exchange dollar bills for food i can exchange dollar bills for other assets i can change dollar bills for card or something like that like i put for goods and other services that's what i'm looking at so i want to be able to produce something so sometimes i have to produce uh rents sometimes i'm producing dividends sometimes i'm producing short-term capital gains off the sell of an option sometimes i am like having to work and i'm generating uh income off myself but where wealth comes from is having an abundance of kind of the farmlands and the crops that's producing this that i just can't get away from it it's always going to produce even if i run out of money temporarily it's just going to be replenished the next time the harvest comes around right so uh that's the difference between being rich and wealth and then the next question that comes right out of that is hey if i'm young and i don't have a ton of money let's say that one one one viewer wrote in and said hey uh i'm trying to put it put aside about 50 of what i generate which isn't a whole bunch it's hundreds of dollars a month it's not a tremendous amount of money what would i focus in on and what i would focus in on is learning the system and the way you learn to do something is by doing it it's the old nike adage just do it the way you learn to run a business is you run a business the way you learn to invest is you invest the way i learn real estate is i get involved in real estate either on the wholesaling side agent side until i have enough money to where i can be on the landlord side start buying but i need to be involved in that area so what would i do is i would start identifying uh high dividend paying stocks that have some volatility to them in their like we have a whole list that's on our site at infinityinvesting.com of course you can become a free basic member and take a look at these things um but we're always looking at companies that are producing a decent dividend that do have safety growth potential when i look at the dividends by the way i want to see at least 10-year history of increasing those dividends every year which is the profit that's paying out i want it to continue to go up i don't want you know a company that's paying me a dollar a year and in 10 years it's still paying me a dollar a year inflation has made that less valuable i need that dollar to go up every year to a dollar ten then a dollar twenty then a dollar forty then a dollar sixty then you know so in ten years it's paying me out three bucks i don't i want it to have this continuous growth so that i have protection against things like inflation in order to learn and become uh sensitive to all the aspects of investing you need to actually invest so what i do is i would pick one company that you can follow and that you could use as your learning ground and start buying even if it's one share a week of that company maybe it's one share every two weeks continue to accumulate that once you hit 100 shares now we can start selling options against it and generating another income source just by doing that simple thing of hey i'm just going to start accumulating and it might take me a year to accumulate those hundred shares so be it you're going to be learning and you're going to start hearing this company's name you're going to start being sensitive to the information it puts out when you hear things like dividend yield it sounds neat from a hypothetical standpoint but once you actually see this is the impact it makes on me here's what it's paying me oh that's what that means as soon as it starts putting money in your bank account you're going to start going what was that well that's the dividend that paid out his ex dividend date was x and it paid out on this particular date and here's what its cash free flow was and here's what his profitability was and you're like wow that's great now this stuff actually makes sense to me and you're just going to follow that very simple let's accumulate just one company because remember this is learning so i want to buy the one company and focus in on accumulating 100 shares and that means when you have 100 shares it means you can sell one option now and you're selling out of the money option uh at that point and now that will become relevant to you and you might buy it back and sell it again and buy it back selling like there's absolutely a ton of opportunity to generate some extra dollars if you want to spend the time on it so you can absolutely do that that's a great place to start so if what i would tell my daughter which is hey if you want to she's by the way in her 20s but i always say like hey if you want to learn to do something you just do it because it triggers a type of memory is it's there's a uh there's a terminology for it but all of a sudden you start becoming aware of it and whenever you hear it in the news whenever you start seeing things that are relevant to you your brain picks it up whereas opposed you were just completely blind to it so it makes a huge impact on just doing that so that's what i would say to anybody who's just getting started if you want to focus on wealth you're focusing in on the farmland you want to buy things that are going to produce so if i am going to start i'm going to start by buying something very simple stock in the stock mark that is producing the stock market that is producing dividends income on a continuous basis that i still get to see the growth of that company and i can also produce another type of income by selling options against that same company so that's what i'm going to be focusing on so let's go to another question then that we get and this is a very specific question it says hey my spouse and i took a while to get our careers together not uncommon we have a good income now and want to better plan for the future but we have no idea where to start so this is a good place a lot of the info provided seems geared towards starting right after college so a lot of the information that you see in infinity we're talking about a longer time horizon absolutely true we are near 40 we don't have much savings for retirement so no real investments no college funds and a good amount of debt uh are we pretty much screwed in the thought of early retirement no you're absolutely not so let me just explain uh again the infinity theory is that we focus in on how much you spend on a monthly basis so we have our expenses and we're looking at replacing your income the work that you do through assets buying assets that produce that income for you so that you don't have to work so the infinity net worth is how many days i could make it without working right now like if i quit my job or if i stopped working how long would it take to burn through my assets well if i have enough assets that is producing enough income so let's say i i could live off of two thousand dollars a month and i have assets that are producing two thousand dollars a month i will never have to sell any of my assets on because it produces enough income to cover my expenses so you know again using the the analogy if i have crops that produce enough food that i can feed my family then i'm fine and it has enough to where there's a little extra so i could pay the taxes on my property or you know pay any any cost pay for the car pay for things as long as i have enough crop coming in on an annual basis i never have to sell anything i own i just have that crop i'm selling that crop well in our world the crop is really the cash so where am i producing cash i'm producing it with dividends i'm producing it by selling options sometimes i might end up letting an option expire and i'm gonna take the gain off that company uh all of those things are revenue producing i might buy real estate in that real estate is producing rents it's cash flow real estate and so those rents are coming in enough to cover the expenses plus i have some extra and if there's enough coming in that it covers all my personal expenses that i don't have to work all right so now we're 40 and we're saying oh geez i don't have any of those assets to produce it so then start right away the easy thing to do is to go right to the stock market and you're going to start building it up i always say the first 50 000 you're going to go in and you're going to buy income producing companies and infinity investing always has a list and we're always rating them continuously throughout the month so you can always just pick some that are good income producing companies make sure that the timing is right run your seven criteria which again is explained in the in the portal there and just see whether it's the right time for you to buy a particular company buy that particular company and let it start producing those dividends for you buy a hundred shares and now i can sell one option against it so i can produce some more income and if you just do that you just keep repeating it until you hit about fifty thousand dollars that's where i would start is i would be looking at it going all right i need to have a little emergency fund i need to have my investment fund so i'm just going to focus right now on the investment fund i want to have liquidity of about 50 000 before i go to the next step which is where i'm buying real estate i want to have some liquidity because real estate it can go like i might have to replace a roof the day after i buy a a property or my you know maybe i get hit by a hurricane right away or you know there's lots of stuff that can happen or you know the economy just decides to tank and all of a sudden i'm sitting there vacant for six months i need to be able to handle all that and the way you do that is with liquidity now we're going to do everything we can to minimize those risks but there's no there's no replacing having that actual liquidity that's why i always start in the stock market and i say hey start buying those same companies get 100 shares sell option against it out of the money options which again we want to we want to be a stock market landlord we want to start renting out our stocks so we can start producing this income then it's just up to you as to how active you want to be i have clients that make a very good living simply focusing it on the real on their stocks and buying and selling and buying and selling they sell they they chart they get very good at charting they spend time in the advanced area which is what those guys are doing eric and company are always in there showing you guys how to do these things but they might be selling those options then buying them back as as the stock pulls back there's always ranges that it's flowing and so sell the option buy a back sell it's buy it back you could do that multiple times in a single day and make some decent money all right all that stuff is now replacing the income that you're having to make as an individual now if you're still working and you have both now we're compounding that's exactly what we want to be at now we want our assets producing i'm producing and it starts to snowball as time goes on you'll be very surprised at how little it takes before you could start replacing your income now that does not mean you quit your job it just means that i'm going to have a period of time where i have not only the income that from my assets but i'm also working i'm going to be making twice as much and if i cut my expenses a little bit so if i'm 40 and i'm like hey i'm behind the eight ball all right now it's a function of how much do you need to live on how much do you have generating i can keep making more i could show you guys how to generate more but on the same token maybe i need to be spending a little bit less maybe i need to get my spending under control in those two things conjunction you know again i lower my lower what i'm paying i increase how much i'm generating i'm going to get to my goal much much quicker now there are people in our group who have retired off of as little as three homes because their income was sufficient off of those houses and that in this particular case i'm thinking of somebody who did shared housing who ended up generating a nice chunk of change somewhere in the 17 000 a month range simply by buying a house and deciding that what she was going to do is do shared house now i'm not saying that's immediately where you go i'm going to say she was able to do that because she knew exactly how much she needed to live off of she had some other income coming in she had this income coming in and she was able to say hey you know what i have enough coming in that it's replacing everything i need to live off of and i can retire and that's exactly what she did it's not i have to have millions and millions and millions of dollars you just need to replace what it is that you're spending and then you can decide whether or not you want to work because those assets are going to continue to grow you're able to continue to generate income off them so it doesn't take a ton it's actually way easier than you realize once you identify and target a number and say oh this is how much i need to replace then this is how you do it now again i'm going to say this if you like this type of content please subscribe please share this with other people too if you think it'll help them all right last question under this rich versus wealth and where should i start in these types of questions uh this is the last one that i got and i want to go over this one this is actually something that a lot of people think which is uh let me read you the question and then you'll see what i mean i started putting 10 percent towards paying off my debt and investing in a dividend paying stocks that's fantastic i feel it'll take me decades to get caught up i see people with more debt driving newer cars and buying houses will the 10 percent really get me to financial freedom i feel i'm missing out any advice so let me be very specific to you yes it's going to take a while that 10 is the getting out of debt getting at least 10 percent that you're putting aside you should be putting 10 percent towards philanthropy if you don't have the money to do that like if you don't want to give it to charity if you don't want to tithe then at least put your time towards those things and then you could take the 10 percent and dump it into your investment there's another 10 percent that's going towards debt so as soon as you're out of debt then that lumps in and so we're really going to be putting about 30 percent aside into our investments and you can put more it's as simple as saying hey what am i what do i need to live off of can i cut back some of the stuff like am i spending stuff money just because i have it and it's like burning a hole in my pocket and i'm going to go to the movies twice a week i'm going to go to dinner all the time if i cut back and put myself on a budget can i put more towards my investment absolutely then you say well i see all these people driving around on a new car that's a big fat liability that is costing them thousands of dollars i understand that there's an envy of like geez you will lose that once you realize the true expense then you'll probably start looking at them going oh wow they're probably going to be working till they're 80.
right now there's not a magic pill like boom and i'm all of a sudden super wealthy nope you got to buy assets and it might be a slow process but if you do it for that 10 20 years if you do it and you do it consistently then you'll you will not have to work until you're 80 90 100 years old and you'll have enough income coming in to where you'll be able to maintain your standard of living and then it just becomes up to you whether you want to volunteer a lot of people say geez i want to retire because they're miserable right they're saying hey i want to retire i want to be able to do this i want to do that i'm just why not build your life to where you're actually not miserable the a lot of the people that i work with they get to that point where they realize wait i'm i volunteer i don't really have to work and they enjoy it much much more and they're like i'm never really going to stop doing what i'm enjoying my life that's what we want to build towards and where do we start we always start by building up our liquid liquidity so we're going to buy stocks that are dividend producing stocks we're going to try to amass a hundred shares in one company so we can sell options on it so we can become a stock market landlord we're gonna keep repeating that process until we have at least fifty thousand dollars of liquidity so and then we're gonna look at real estate it doesn't take as much as you think as soon as these things start to snowball a little bit and it starts replacing your income it might just be it's replacing ten dollars a week and then all of a sudden it's twenty dollars a week and then five years later it's three or four hundred dollars a week and you realize wait a second all the pressure is gone and i'm just taking that extra money and i'm letting my assets continue to buy more assets talk to somebody today literally he and his wife make in the hundred the hundred to two hundred thousand dollar range their net worth was well over five million dollars and they were in their mid forties if you do this and it was the same thing i'm telling you is they they have that they are worth quite a bit of money they're absolutely liquid and they're doing a great job and the reason they did is because they consistently put investments aside consistently put investments uh and use those investments to generate more investments they didn't go out and buy an immediately a bigger house they didn't go out and buy a bunch of new cars because they were waiting until they had enough income coming off of those assets to pay for any of their liabilities so now they have uh again i just literally talked to him about an hour ago so i was like ah this is great they have about twelve thousand dollars a month coming in whether they work or not but they both still work they've replaced their income and a hundred percent of that income that's coming in off of their assets is going into more assets and it's compounding and they realize as they're doing their numbers like wait a second this is going to continue to snowball we're going to have a very substantial estate yeah that's exactly how it works as long as you start as long as you start doing this and yes you're going to look around and you're going to say but there's people driving bentleys and rolls royces every time i go down to miami i'm shocked at all the lamborghinis rolls or races and bentleys right that is not wealth that is rich that's somebody taking some money and dumping it on something that is not a good investment it's not an investment that's pure frivolity they're just they're pay they want to have a nice car congratulations i don't begrudge it but you got to have the asset to allow you to do that most people don't most people are buying that with another liability and what they're going to find is they're going to be 45 and they're not going to have a penny to their name they're just going to be in debt up to their eyeballs don't let that be you don't let that that be you so if if that 10 is a starting point to get you to start rolling it's going to continue to snowball the longer period of time if you're saying this is going to take too long give it some time number one and actually let the system work and then you could say hey maybe i cut down some other expenses maybe i get a side gig maybe i want to put more and i want to push it maybe you're willing to do a little harder like hey i want to work more with the the asset that i buy so for example i could buy a single family house and i could just rent it that's that's me that's that's lazy landlord i could buy a house and i could airbnb it maybe a little more work i could buy a house and i could do shared housing maybe a little more work right but i'm able to generate when i do shared housing for example it's about 200 percent net that you in like you actually take in about twice as much money on a net basis on a monthly basis but it is more work i could choose to do that so if i'm sitting here looking and saying boy it's just not going fast enough then that's what you do you start getting more involved in your investments or hey i'm doing dividend stock right and i'm writing covered calls and i'm doing them every month okay do them every week how about do them every day and and watch it and watch them and be a little more actively involved in it you can increase your income just by doing that and that'll get you to your goal a heck of a lot faster so hey if you like this type of information by all means please subscribe to the channel share it with anybody else that you feel it will help and ask them to subscribe as well thanks [Music] you
Read MoreRetirement Planning Gone WRONG! (Don’t make these mistakes) – My Retirement Account is LOSING Money
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
i have actually been obtaining this concern a great deal lately my pension is losing cash what do i do and also in this video i'' m going to show to you the response to that question for two different kinds of individuals one for those who are already retired and also for those ready to retire yet before we get there register for the network i have more than three decades in this business and i wish to share with you the conversations i have with my clients so you don'' t make the errors that numerous others might make so essentially i'' m mosting likely to deal with financial investments in the frame of mind concerning investments however i also want to show you a bonus offer topic if you will certainly a tax obligation preparation approach specific to times similar to this so see to it to remain tuned so i desire to show you right up front both worst things that you can do both for those that are already retired and for those regarding to retire the top point that i locate that many people do is panic is to overreact is to not recognize that there are traditionally ups and also downs in markets which is regular but behaviorally we have a tendency to respond a great deal much more when cash goes down after that we do take happiness when our portfolios increase we'' re concerned we may shed our cash and also as a result what is the effect on retirement as well as i am here to inform you the top worst point that you can do throughout times such as this is to over respond the second biggest error is to believe that you'' ve lost a number of cash and after that think perhaps you ' re back at the casino site and also maybe it'' s time to increase down as well as to try to get every one of that refund simultaneously do refrain that that really is betting not just your money yet your retired life future as well as please keep away from that believed procedure on the other side i wish to show you what we are telling our clients now because based on background precedent great deals of teleconference great deals of data great deals of analytics there is mosting likely to be a rebound of some sort it'' s took place each and every single time that the marketplace has actually come down it goes back up how much just how high when we wear'' t know that as well as i ' m not offering you financial investment suggestions'yet the advice that i ' m providing my clients the advice we are sharing with them is to start to prepare the profile for when we think the time is right to capitalize on some modifications so you can be in a placement that when as well as if the market does rebound that it does aid you and also you join that as you should so let me talk with those individuals who are about to retire yes your pension are probably down right now however my top piece of advice to you is this put on'' t allowed the worth of your profile determine when your retirement date is going to be as an example if you were going to retire within the following one two or three years as well as you'' ve seen your profile decrease over the previous 6 months approximately doesn'' t necessarily imply you still can'' t accomplish your retirement date because as i just claimed markets are rather predictable in this way they go up and after that they go down and afterwards they increase again and it duplicates itself rinse clean repeat so put on'' t take the snapshot now the polaroid picture yes i recognize that days me and also claim uh oh my portfolio was down consequently i need to defer my retired life a lot in the same vein incidentally as i saw a story a while ago that someone'' s 401k value was down and also therefore they chose not to take the holiday you ought to never allow the worth of your portfolio dictate for that brief time framework what you will or will certainly refrain from doing particularly when it involves your retired life the 2nd thing here for those about to retire is maybe we take this as a lesson to understand how much risk do you truly require to absorb order to accomplish your retired life number just how much do you need in your nest egg in the next one three 5 years so you can successfully pursue your retirement goals we call this in our organization the customized investment criteria you no more require to exceed the indexes if you will the s p the dao the e for whatever what you need to do is to recognize just how much threat you need to take in order to accomplish your retirement objectives and wear'' t take anymore threat than that in that method you might be able to reduce to lessen this volatility you may not lose as much money you might not have as much of a benefit either you might center it yet that may be much better off both for your profile as well as your sleep in the evening procedure as well now for those that are currently retired and this is a conversation i have a whole lot with my customers and i think it'' s extremely crucial for you to comprehend this it'' s significant absolutely nothing ' s changed what do i imply by that indeed i know your portfolio values are probably down now both the equity markets and also the set income markets bonds have actually had a disastrous year this year yet the fact is once more markets have a background they go up and they drop so if you recognize that markets rise as well as markets go down nothing'' s really altered in that way yet i understand due to the fact that i have these conversations with my clients a lot their expectation has actually changed so the most significant modification that has happened is that we'' re currently older and also we'' re really feeling a bit a lot more anxious we ' re no more working we ' re no more adding to the profile we might be depending on the portfolio for revenue over the future as well as we may be feeling that feeling of necessity absence of time if you will the reality that we wear'' t have as much margin for mistake as well as our perspectives have altered making this time feel a bit various than every other time and at a level you'' re right but from a financial market point of view that'' s wrong so i what i want you to do here is to see to it that you keep in mind what your long-lasting goals are make certain your profile is correctly alloted even during these times and have some confidence if you'' re collaborating with an advisor or if you'' re doing it on your own that the marketplaces will probably no guarantees for any future efficiency but the markets will possibly do what they'' ve done in the past which is go up and also down as well as up and to simply maintain in mind it'' s extra regarding exactly how we'' re seeing it than a per se modification out there so i assured you that sophisticated tax technique that is ideal for times such as this think it or otherwise when markets are down and several of your investments either stocks or shared funds or etfs or whatever it is you'' re investing in they may have lost some worth right what i want you to do is to talk with your expert as well as your tax obligation expert the expert being your economic advisor along with your tax obligation expert as well as to see if there'' s a means that you can market a few of those top quality holdings that you could have that may be down right now and also benefit from that loss if you have some resources gains that you are mosting likely to have to pay taxes on you may take this as a benefit to collect some losses to offset a few of those capital gains saving you in tax obligations for this year however it'' s going to be very crucial to coordinate your monetary preparation and also investment objectives with your tax obligation objectives too so this is a discussion you require to have with your group because this is what we'' re performing with our customers as well as you ought to be doing this as well you
Step 1 The Retirement Success Process: Investment and Risk Management
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
foreign welcome back to the retired life income show I'' m Mark Elliott right here with the chief executive officer as well as founder of Oak Harvest Money group we'' re speaking concerning the retirement success strategy once it'' s in area it'' s refrained it ' s not finished it ' s always transforming and advancing with you and your life so it'' s really crucial to obtain this in position to have a plan give you much more confidence and as well as be a lot more comfortable in retirement with perhaps with any luck not so much stress and anxiety concerning where you are once more that number is 800-822-6434 to discover more 800-822-6434 Troy'' s damaging down what is specifically the retired life success plan so it starts with the financial investment strategy after that it'' s the earnings plan after that it'' s a tax obligation strategy then it ' s a health insurance and after that it is the estate plan so I intend to type of connection together why that sequence is is essential just quickly however if you don'' t understand if you wear ' t have a correct danger management framework in position certainly you open the potential for losses past your readiness to persevere now it'' s not just stay the training course with the Investments it ' s remain the training course with your retired life success strategy with your monetary strategy so we need to Define what those guard rails are initially this is the procedure of recognizing where your threat restrictions are so if you think of you'' re decreasing a highway as well as certainly you have guard rails on each side and if you go off the highway those guard rails exist to protect you from going into the opposing Direction on the freeway currently in retirement when we'' re discussing handling threat when we can recognize these psychological guardrails so are you going to see as well as I as well as I'' d like to Define threat in terms of bucks not percents and I'' ll inform you why soon but'allow ' s say you have a million bucks saved for retired life if all that money is in your 401k most importantly we have to realize that it'' s not truly a million dollars because every dollar in there is tax obligation deferred so we have to comprehend we'' re mosting likely to resolve that as part of this procedure however when we chat regarding risk we need to comprehend that not every one of those dollars are yours you have a junior companion on that account we want to maintain them a younger companion we wear'' t want Uncle Sam to come to be an elderly partner or a bulk share proprietor of your retirement account but simply recognizing that that not every one of that money is your own that you do have a jr companion in that account it connects right into this threat monitoring conversation a bit so when we talk regarding risk in terms of bucks are you happy to see your account go down 2 hundred thousand just an inquiry might be of course might be no it doesn'' t there is no right or incorrect answer however by asking these concerns we can begin to Define where your psychological guard rails are because the leading thing that you can do when it comes to spoiling a monetary strategy or a retirement is to have even more dangers so your accounts decrease greater than you can psychologically endure psychologically stand up to and afterwards you market get out being in cash for 2 or three years miss out on the rebound and currently you'' re you ' re in a you recognize you ' re in a bad negative negative spot'I can ' t inform you I mean we ' ve been with this a lot of times with customers and discussions regarding you recognize Troy I ' ve been seeing the information I believe we'' re going right into recession we require to leave the marketplace we require to do this or my accounts are down 10 or 20 or when covid hit we there'' s a prepare for for a correct strategy accounts for the marketplaces being down 20 or 30 percent so when we talk about risk administration as well as we'' re asking you these inquiries the reason that is since we'' re already preparing for recessions we'' re preparation for possible Market crashes this belongs to life all right we can not prevent these points unless we entirely stay in cash and if that'' s the instance you may too hide the cash in the backyard and just spend whatever you can and wish you don'' t run out and also eat rice as well as beans for for for retirement and that'' s not how the majority of our clients that ' s not how a lot of you desire to spend you understand after functioning for a whole job you wish to spend your life so are you fine with a 200 000 decrease by the way which is 20 as well as the reason I Specify it in regards to dollars is due to the fact that a long period of time ago I had actually a customer been available in well it was a potential client at the time and like the majority of economic consultants we would talk regarding it in regards to percentages and and we claimed are you fine with a 10 or 20 decrease he said you recognize what 20 is quite much my Max as well as he had around a million bucks so after that I I simply took place to place it in regards to bucks and also I stated okay so if your accounts go down 2 hundred thousand dollars you'' re alright with that and he said he claimed no Troy he said I would certainly fire you on the area therefore that you know for me it linked a Huge Dot It was type of a large development in my occupation when I was more youthful due to the fact that I understood I'' m an economic individual I do this each and every single day I believe in regards to percentages as well as stats and as well as yet the majority of people believe in terms of bucks so when we ask you that question you state yes I'' m all right with a 200 000 or 100 000 or perhaps it'' s not also near that or possibly it'' s much much much extra what that does for us is it helps to Define what sort of profile we require to create so emotionally there'' s a tiny possibility that it is mosting likely to hit your your disadvantage guard ramp and if we can go via retired life and never hit that disadvantage guard rail well there'' s an excellent opportunity from our experience that you'' re mosting likely to persevere you'' re mosting likely to stick with your plan and also if you can stick to your plan you have a much higher possibility of success in retirement this is why we call it the retired life success procedure this is why we call it a retired life success plan this is what we wish to supply to you so currently I claimed I wished to chat a bit about the series and why threat management in investment preparation precedes if we don'' t and in the majority of straightforward terms if if your money allow'' s claim you have a million bucks as well as you never ever needed to take anything out if you average four percent versus nine percent at greater prices of return you clearly can expect your accounts to expand to a bigger worth that indicates the income preparation is influenced that additionally means that currently your tax planning is influenced so we can'' t construct a revenue strategy or a tax obligation plan without initial understanding an approximated affordable expected return for a mix of Stocks inside a profile so step one needs to be this risk administration discussion which after that can lead us to the investment construction of your profile which after that gives us a pretty excellent suggestion of expected return benefit drawback discrepancy so we can now begin chatting regarding income planning we can actually project as well as do a sensitivity evaluation on tax planning based on various account levels allow me break that down for you before we enter into the tax preparation section later on the program if you have a million bucks in your IRA you are compelled to start taking a certain portion out it'' s around four percent at age 72 yet as you obtain to be 74 76 77 you'' re called for to distribute a larger as well as larger portion so if your million expands to 1.5 you take allow'' s claim four percent of that out that'' s a that ' s a number that is less than if your IRA expands to 2 million so the extra hostile your profile is or the higher expected return the more we need to prepare for that call for minimum circulation being a bigger number that rmd is the amount you'' re forced to obtain as well as pay taxes on we'' ve seen customers'I I ' d like to expression this for prospective clients since we resolve this with you as a client this belongs to the retirement success procedure and the retirement success strategy yet so usually when somebody comes in below and also they'' ve done a respectable job conserving they have eight hundred thousand they have a million they have two or three million when we start to do this analysis if you put on'' t address this tax obligation problem and it is a tax obligation problem it can be you know a tax obligation headache for a lot of you those rmds when we get out to be 75 and also 77 or 78 a hundred thousand hundred and also fifty thousand two hundred thousand now you'' re taking that cash out you'' re possibly not spending that much in addition to Social Protection in addition to any rental revenue or realty revenue or pension or returns or passion or any type of other earnings that you have beyond your pension and also we'' ve seen lots of people remain in a much greater tax obligation brace and also have much even more revenue in their 80s than they ever had throughout their whole life up to that point and also it'' s due to an absence of intending so that'' s what we ' re attempting to be successful of so we need to recognize the risk structure of our profile and exactly how we handle that threat so we can maintain you on training course we can keep you on timetable with your plan that after that gives us a suggestion of a range of expected returns based on fundamental monetary preparation Principles from there we can create that income strategy as well as earnings is not just Social Safety it'' s not simply just how much to secure wear'' t obtain me started on the 4 percent regulation however it is additionally where accounts as well as after that we enter the taxes so if you wear'' t have a retirement success strategy give us a phone call 1-800-822-6434 we ' re going to walk you with this process if you come to be a customer you will have this strategy in position that deals with risk Investments taxes income in addition to the remainder of the retired life success strategy 1-800-822-6434 Oak Harvest Financial Group examine out the site check out the YouTube network Oak Harvest Financial Team so we'' re discussing the retirement success plan Troy still obtained a great deal to reach remain with us we'' re back in one minute investment advising solutions offered with Oak Harvest Financial Team LLC Oak Harbor'' s Financial Group is an independent Financial Solutions company that assists individuals create retirement approaches using a range of insurance policy and financial investment products investing includes risk including the loss of principal any recommendations to security advantages or lifetime earnings generally refer to fixed Insurance policy products never ever Stocks or investment items insurance and also annuity product assurances are backed by the financial toughness and claims paying ability of the releasing insurer Oak Harbor'' s Financial Group LLC is not allowed to supply a No declaration made throughout this show will make up tax obligation or lawful guidance you should speak with a certified expert before making any type of decisions regarding your individual situation we are not associated with the United States federal government or any type of governmental company this radio program is a paid positioning international [Music]
31 ways to Improve Retirement Planning – Part 1 #SavingForRetirement
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
It is constantly a fantastic suggestion to begin a brand-new year.
on the favorable note. As I stated in my previous video “” Suggested Changes in 2022″” I truly want all people to have this New Year 2022.
among the most effective years ever before, financially, psychologically, emotionally, and also literally,.
however all those elements collaborate. I know from experience that if my finances are not in order,.
if I really feel financially drained and unconfident, there is no chance I will really feel.
mentally pleased, satisfied and pleased. Whether we like it or not, money plays a huge part.
in our lives and in our health, in addition to our choices and also capabilities.
to do something excellent and also positive in the world.So as I claimed, I really desire to begin this New 2022 Year on a positive note,.
and what is a better method than going over actions exactly how you can improve your retired life planning.
or any financial preparation for that matter. Originally this video clip began with just 9 actions,.
As soon as I began assuming concerning it, all those suggestions and also pointers came.
hurrying via my head and I assumed well, what a great means to slowly enhance step-by-step.
your planning system. Some of those listed suggestions, I have actually currently covered in parts.
in my previous videos, so I will certainly link them all for you, others could be just brief details, yet some could be.
I ' m a Certified Financial Coordinator, and also'you are watching Regarding Retired life Television,. As I said previously, today I will
cover 15 stepsActions Conserve enough.
you plan to retire. Absolutely nothing is embeded in rock but you need to make a strong start.
as well as an excellent beginning factor are my video clips: Just how much do I need to retire “and also. “What Earnings is Required in Retired life”. 2. Comprehend your longevity and do”not ignore for how long you are mosting likely to live This is most likely the most significant fear for many retirees with lots of thinking about means how you can make. your cash works harder. If you think that at the age of 90 you will need a lower earnings. or lower property base, well assume
once again. Simply enjoy this video” How long will you reside in retired life “. This is one of my older videos, so please be gentle As I had no video presenting experience, however the. details is still valid and also existing as of today. 3. Believe that it is never ever as well late to begin preparing or saving. Some may believe that when you retire there is nothing you can do. to boost your retired life earnings as well as to make your cash last much longer. Well, this is an inaccurate presumption. Unless you have no assets conserved at all,. your scenario can constantly be enhanced.
I have an entire series of videos associated to Age Pension plan and how you can boost the government advantage or arrange your income streams. Really feel totally free to binge-watch the whole series of 14 videos. We could believe that all our decisions are made logically and
well thought through viaHowever let ' s be honest,.
Good planning and adhering to establish steps specified. in your plan can assist to remove the emotional distress, and permit you to make your choice. calmer as well as to your real financial advantage. If you are incapable to remove your emotions from. your financial decisions just please confess this to yourself and also ask for professional help to manage your cash,. arrange your plan, and also inspect your progression. You are always associated with. the decision process
however the emotional drama can be taken away as well as the monetary planner can. cool off your nerves, by getting rid of any type of unpredictabilities, by clarifying problems providing you with information research. that will logically support your choices. That can bring you a good deal of assurance while improving your investment profile. performance at the very same time. 5. Prioritise your very own requirements and your own retired life. prior to aiding your kids to construct their riches.
I see this all the time when moms and dads compromise their own lifestyle,. Well, if. If you do this out of adult love, sense of guilt,.
the various other parents are aiding with home deposit, and you really feel obligated to do the same
. Well, I professionally disagree you have actually done your task as a moms and dad, you have actually elevated your kids to be.
a considerate as well as accountable participants of the culture, you have actually sustained
them throughout their. childhood as well as their young adulthood.
Now it is their turn to take their responsibility as well as.
6. Don ' t leave money in a financial institution Well, this is the most typical blunder people make. If you marketed an asset and also you park your cash in money,. as it will be needed for your following purchase
that ' s what money is for.Short-term holding. Another reason to have funds in a financial institution in cash money, it is for your” stormy day and also safety and security account” as an emergency fund. Yet many people who keep majority of their cost savings in cash money in the bank,. do this because of fear. We are going back to the. previous problem talked about in No. 4 choices need to be made reasonably. as well as not based on your mood. There are so numerous negatives of keeping excessive money in money.
as well as I would require to prepare a separate video clip to go via all those factors, so we will certainly return. to this topic again in one of my future videos. 7. Don ' t carry also much financial obligation right into retired life, especially high-interest financial debt Well, life is life, occasionally there are reasons.
you would still have financial debt impressive when retired. When aiding clients, we
do try to have all that ' s repaid prior to the large day of retired life shows up.
but often it is not possible.If this holds true, after that we attempt to discover an additional option. to assist customers with the degree of earnings, as whatever payments you need to meet,. they will certainly minimize your earnings considerably However one of the worst debts you might have in. retirement or really any various other period of your life, is a bank card debt or any high-interest financial debt, such as individual car loans,. shop car loans, all those fast car loans facilities marketed frequently on television that. apparently can be accepted within 5 mins. Absolutely nothing, as well as I mean nothing is as urgent to purchase to also consider those lendings. as a few of them carry interest as close as 50%. But many people don ' t truly bother checking contracts all they desire is that new TV, that new phone, or an additional holiday.
Just enjoy my video clip:” Exactly how Banks keep you poor- stunning truth” and also you will certainly be surprised. by my estimations as well as my searchings for 8.
Don ' t retire also early. Layoff indicates early costs on their savings. If you do this then you might run out of money. while you are still very healthy and balanced and energetic. You may not have sufficient savings to spend for your clinical treatment. at the time when you are much older.
So please speak to a monetary. coordinator or financial advisor that can help you to find out when is one of the most advantageous. time for you to commence your retirement. 9. Invest well in growth assets. Of course many individuals in retired life are much as well. conventional with their investing, which'for the most part comes again from anxiety and also. lack of understanding of financial investment options yet an excellent recommendations can go a long way. to improve not only your recurring retirement income but the worth of your possessions. backing you up for the rest of your retired life, or
as your tradition you want to. leave behind for your recipients either to your partner to your youngsters or any kind of various other individual. or organization you wish to leave your estate too I have actually created a video clip:.” Investing for Revenue and Growth in Retired life” that explains the advantages of spending right into growth properties however as this subject has been asked for by lots of,. I will certainly produce new video clips regarding different kinds of investing. 10. Do not chop and change your financial investment method This is a sure method of continuously shedding cash,. when individuals are trying to keep changing their investments based upon some information listened to on. the radio, or on television, reviewed in the paper or spoken with a neighbor. Spending based upon such recommendations is a sure. method to keep shedding money it is not based on any kind of solid info, it is not based on any kind of research that you may have done.
“Please stay away from, maintain on. leaping from financial investment to financial investment you really need to develop a proper approach for your requirements,. stick to it, yet with annual and even semi-annual evaluations.11. Do not join panic withdrawals Oh my god put on ' t also get me started on this one. This is common expertise. I ' m certain every individual paying attention to me right now. will concur with me and also yet each year, I see the same blunders being made. I fulfill many individuals that are telling me exactly how much cash they lost, for instance throughout GFC Global Financial Situation. that took place in between 2007 as well as 2009 or the current
drop in March 2020 due to COVID.t Those individuals blame the economy, the marketplace, yet the what’s what is that once the market goes down,. it is too late to market any type of investments
. Whoever patiently awaited the marketplace recuperation,. got their refund and extra. It took two years after GFC for the marketplace to recoup. and it took only a number of months
after COVID crash.Nobody likes market collisions and volatility. yet it is component of investing and also you require to accept it if you wish to see any kind of resources growth of your cost savings. If you are a person that panics when markets doubt you truly require expert solution to. aid you with your investments as well as just how to deal psychologically with those market adjustments. and also that ' s where an excellent monetary planner can assist.
12. Don ' t attempt to chase historic efficiency. Don ' t spend into in 2015 victors more than likely this asset or this fund supervisor. will certainly not be a champion in the list below year.
Markets live, they transform daily, there are. many pressures that affect performance of assets in one year and decline in the year after. If you keep trying to switch between in 2014 winners your deal price will certainly skyrocket. and you will certainly go on paying the highest rate to acquire new investments.This is a certain means to be going backwards. It is not about timing the market but rather concerning time in the market. When we begin speaking concerning shares as I guaranteed,. I will go much deeper into description of this subject 14.
Or possibly just merely you take pleasure in. Please consist of some fun in your budget plan.
Next week we will continue discussing even more 16 ways. to enhance your economic preparation journey I question if you'can develop few ideas yourself. Please let me understand in the summary below this video.
what would certainly you think are important methods to improve your retired life planning?. Please share your ideas with us.
As well as now I wish to invite you to watch a few of. today ' s pointed out video clips: the very first one,” How much do I require to retire “extremely essential information if you are intending your retired life soon. The 2nd is the collection of retired life income. video clips: Age Pension & Your Retired life So do not hesitate to leap onto those advised video clips as well as I will be'speaking with you soon.
See you then.
I ' m a Certified Financial Organizer, and also'you are enjoying Concerning Retired life TV,. “What Income is Required in Retired life”. Just watch this video clip” Exactly how long will you live in retirement “. Prioritise your own requirements as well as your very own retirement. Of course several people in retirement are far too.
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