That is not a trick question. It’s a real life inquiry and design into your financial future because it depends on what you do now. Let’s explore with real-life circumstances.
- Have you any children?
- Is college and or special education in their futures?
- Will they have the same life-style you and your partner (wife) enjoy?
- What are your projected expenses for your children? College, Cars, Computers, after school actives/classes, supplemental education?
- Insurance expenses such as Car insurance, life insurance, health insurance, Personal Insurance like a PUP?
- Groceries, Vacations, Vehicles, wardrobe, utilities, home repairs and unexpected expenses?
Examine your procedures about saving, investing, planning and projections. I can go on and on about how costly life has become. Inflation has gouged all of us and certainly I feel the differrence.
Ask yourself if the amount of years you have before you retire will be sufficient to grow your retirement money. Your 401k no longer will serve its original purpose. Growing your money in the stock market is risky. You can no longer rely on stocks and bonds to create your retirement. So, with all that said, this article is merely meant as a wake up call and a helpful hint about your financial life and goals.
I tend to be a bit more cognoscenti about retirement money than the average man. However, growing up poor and having my own struggles has heightened my awareness, Our lives have increasingly become financially unbalances. A $15 to $20 dollar an hour job will no longer be a livable wage. The problem is that many of us don’t have the particular skills to land a well paying job. The government no longer promises its support with Social Security waning and hanging in the balance. While Social Security continues to pay us, it’s hardly a livable amount of money.
AS THE WORLD TURNS:
Seems the political climate has become so volatile and uncertain, the ownership is on us to prepare and plan for a substantive and comfortable retirement. Trust me: when you’re in your 70s you will find it impossible to create a substantial income. The golden years are to be “golden” and not laborious. Inflation continues to grow annually and the price of life continues to elevate. A recent vacation to Italy cost $10,000 plus and none of which was extravagant. Holy Smokes you say? Yes. 10k for a few weeks abroad is now pretty typical unless you want to sleep in a commune or a tent!
Prepare, invest carefully, go forward with your eyes wide open and careful not to become complacent with your weekly salary. Paying your mortgage/rent, utilities and any other expenses should be considered “base line”.
Remember: Do not spend the money you will have. Spend only the money you do have and for goodness sakes, plan ahead. It’s critical!
WEALTH CREATION, YOUR LIFE, YOUR RETIREMENT 