Can compound interest make you rich? You’ve probably heard that compound interest is the Holy Grail in your quest for wealth creation. But, how long does it take for compound interest to truly kick in and do something for you? If you’re anything like me, then you will want to make sure that your money (and compound interest) is working as hard for you… as you did working for your … [Read more...]
The Scientific Retirement
There is always someone on the tube, or on the web selling something about how terrible some food is. One item that seems to be in the hot seat constantly is red meat. These gurus’ shout: It gives you cancer! But did you ever notice whatever the powers that be in the health and wellness field told us 10 years ago is wrong now? When I was young it was fat is bad, calories are … [Read more...]
Retirement Planning Tips: The Definitive List
What do you want your retirement to be like? Take some time to write down what your retirement lifestyle looks and feels like. Describe it in full, vivid detail. What will your typical day in retirement feel like? What will it look like? What will it sound like? Be as descriptive as you can and write… “A Day In The Life of My Retirement”. Is it everything you hoped and dreamed? I … [Read more...]
Finally… Some Straight Talk About Life Insurance
You don’t realize it yet, but in the next few minutes you’re going to hear some straight talk about life insurance. To start with, do you have life insurance? Are there people you love that will suffer financially when you die? (I didn’t say ‘if’… I said ‘when’). Death is part of our lifecycle. We know it’s going to happen… we just don’t know when. We assume that it won’t happen to us for a … [Read more...]
The Debt Spiral and How You Can Pull Out for a Safe Landing in 2023
Here’s a personal question for you… How much debt do you have? And here’s another one… Do you have too much? And how much does it really cost you to carry the debt you have? Any idea? How did credit cards become such an integral part of our daily lives? How did the American Dream evolve into a nightmare… keeping you awake at nights wondering how you can make all your payments and still … [Read more...]
Retiring With Debt? Here’s How to Manage It
In our current low-interest rate environment, mortgages and many car loans can be very manageable. It's hard to reach any financial goals, such as a down payment on a home, putting a kid through college, or even buying a nice new car, if you're saddled with debt. To keep your mortgage as affordable as possible, start by applying only once your credit score is high enough to secure a decent rate. … [Read more...]
Why Older Americans Are Taking on More Debt
As we near the retirement, the common wisdom says that we should be having less and less debt. However, new study shows that the trend among Americans in this age category is reversing. This is, from the point of view of personal finance, troubling reversal. Now, more than ever, Americans nearing retirement upgrade the houses, with even smaller down payments resulting in high mortgage payments. … [Read more...]
Boost Your Retirement Income in 3 Steps
These are critical times that we now live in and finding ways to save money for retirement are sought after now more then ever. This can be accomplished in three easy steps. You may want to start with reducing your monthly expenses. It may not seem like much per bill but it all ads up as a whole. If you are an investor then you may want to find ways to reduce your taxes by giving to charity to … [Read more...]
Retired and in massive debt? Do this
Retirees are encouraged to have as little debt as possible going into retirement. There is a man that has six hundred thousand in debt, because of credit cards and because of a mortgage. The best advice to give to someone like that is to not doing anything hasty, definitely don't borrow more to accommodate the debt as that will just lead to more. The only thing that will help this is to stay on … [Read more...]
Workers Need Help on Retirement Income
According to a Charles Schwab 2020 survey, about 33% of retirement plan participants don't know just how long their savings will last them. Of those unsure, 40% are women and 25% are men. Only 26% contribute the max amount of money allowed by the IRS to their 401Ks. Participants surveyed estimated that Social Security would cover 17% of their retirement income, and the rest would come from … [Read more...]