The problem is worse today than my parents’ generation because pensions in the private sector have been eliminated. VOLUNTARY 401-K plans have replaced the Majority of companies’ pensions. The 401-K was designed to mimic a pension’s retirement income. BUT only if YOU: 1. Start saving EARLY, in your 20’s, 2. Contribute a significant percentage of your compensation to your plan, 3. Work for a company that matches some portion of your ...
Read More
Have you heard of the “Rule of 72”? This simple rule helps your HARD-EARNED MONEY grow! The “Rule of 72” approximates how many years it will take for your money to double, given a fixed rate of return. The formula: {72 / interest rate = Number years to double}. How long do you believe it will take to double your money if placed in a typical U. S. savings account? ...
Read More
RULE # 1: If your debt interest rate is higher than your targeted investment return, than prioritize paying off debt. Place your money where it does the most good. https://wealthbuildingpowers.com/2018/04/05/four-steps-to-achieve-financial-freedom-by-becoming-debt-free/ If you want to invest in the S&P 500 ETF, which averages about eight to ten percent annual returns you should prioritize paying off HIGH INTEREST credit card debt which can be as high as ~30%. The good news, student loan interest ...
Read More
Every successful individual regardless of the field, did so by outworking the competition.
Read More
To accumulate wealth - YOU MUST WORK FOR IT.
Read More
A large percentage of today’s retirees are facing a “longevity crisis” and outliving their savings. Some of my friends are facing this very real crisis. One spent the bulk of his 401K on his three kids’ college education. Because he loves his children. Two have small pensions and are financially struggling. Another is afraid he cannot afford to retire. When you add in the risk of catastrophe illness, their risk ...
Read More
ONE OF THE WORSE MISTAKES YOU CAN MAKE WITH YOUR 401- K WHEN CHANGING JOBS Several years ago, a good friend confided she cashed out her 401K and spent the money. At the time I thought an unwise decision. But of course being less diplomatic (hard to believe right) I said something more in the line of: YOU DID #$@% WHAT ? I was reminded of this story last week, when I ...
Read MoreIDENTIFY THE CAUSES OF PROBLEMS AND FIND SOLUTIONS This is an age test. Who remembers Mr. T.? There was a brief spell where I dressed and looked like him! But all that gold was slowing me down! Thank you for reading Wealth-Building-Powers Blog. I am grateful for all 5 MILLION of you! {Ok maybe a wee bit fewer than 5 Million} WHY OUT OF THE BLUE I STARTED WRITING AN INVESTMENT AND WEALTH BLOG There is a ...
Read More
{TO READ THE FULL POST GO TO MY PROFILE AND CLICK https://wealthbuildingpowers.com/ The House of Representatives passed legislation Thursday that would make significant changes to the laws governing retirement savings accounts. The aim of the legislation, which will now move to the Senate for consideration, is to make it easier for more employers, particularly small businesses, to offer 401(k)s, and to let workers guarantee how much income their retirement savings produce ...
Read More
This Group of People Is Most Likely to Retire Broke https://www.fool.com/retirement/2019/05/23/this-group-of-people-is-most-likely-to-retire-brok.aspx If you refuse to attempt to save for retirement, it is 100% guaranteed you will retire broke! Unfortunately those people earning <$50,000, include a large percentage of women and minorities. You CANNOT keep singing the Woe Is Me, ballad! Keep reading this post to learn the action you can take starting TODAY! EXERPT FROM ARTICLE “Approximately 60% of workers who earn less than ...
Read More