This chart is a quick guide to get an idea of what to prepare for in your retirement.
- First choose a monthly amount you would like to live on after retirement
- Second choose a row of how many years you plan to live in retirement
- Finally, connect the row of years you chose to the column of income you chose…that number is the amount you would need to have saved up when you retire in order to live the life you want.
Do you find yourself on track or far from where you want to be? If you are on track – congratulations! If not, DO NOT GIVE UP because you do not have to settle for less! It is possible to achieve the lifestyle you want in retirement, even if it’s just around the corner or you are already in retirement – IT IS NEVER TOO LATE!
Here is proof: A retired doctor left his clinic after a lifetime of working and saving only to discover that he was only able to maintain his standard of living for 5 years after retirement. Once those 5 years went by and his money dried up he went into foreclosure and bankruptcy. At age 65, he has recovered and is thriving again by utilizing the tools of real estate investing!
There is one thing in common with all millionaires – real estate.
For most people, investing in real estate consists solely of buying their personal residence (home) by borrowing a loan from the bank. The sad news about this is your home is not an asset, rather it is in fact a liability. In all reality, the bank owns your home until you pay off your mortgage.
What’s more unnerving is that even if you do not have a mortgage to pay on the home, you still have taxes, insurance, and maintenance costs that requires you to spend money. An asset is something that brings money in. The home is only taking money out, making it a liability even without the mortgage.
An example of real estate that is an asset is a rental property where a tenant pays you rent that covers all the costs of the house and leaves you with some income every month. Even rentals become liabilities when the rent does not come in or does not cover costs and you have to pay out of your own pocket.
What if you’re not interested in being a landlord and watching over tenants. How about some other strategies like fix & flips that are featured on many TV shows these days. How about wholesaling, short selling, or probate investing; the list goes on and on.
Learn how to buy properties without using the bank! Or better yet, learn how to BE THE BANK!! No tenants, no taxes, just extreme passive income!
Creativity produces options and options create opportunity. Opportunity acted on leads to success & wealth. How can you get creative with real estate like the millionaires? By learning about the possibilities.
Click Here to read more about how to build your nest egg!