Hoping for Financial Security or Early Retirement? v2.5.18.05
It May Be Time for a Wake Up Call!
by Michael Duffey
Published on this site: June 10th, 2005 - See
more articles from this month...
Early retirement? Enjoyable retirement? Better QUALITY of Life?
YOUR answers to three simple questions below can quickly help you
put your personal situation in perspective. The article that follows
offers some important food for thought and solutions to some common
problems.
- When would you LIKE to 'retire'?
In two years or less
In two - five years
In five - ten years or more
Great! What’s YOUR PLAN to achieve that goal?
- How much money do YOU need monthly to 'retire' comfortably
or maintain your desired standard of living? (Are prices
the same now as they were 10-20 years ago? Will they be
the same 10-20yrs after you retire?)
$1,000
$2,000
$3,000
$5,000 or more.
Great! What’s YOUR PLAN to receive that monthly income?
- How much money do you need to invest at a 6% return to
receive your desired monthly income? (Take your answer from
#2 and multiply by 200)
Great! What’s YOUR PLAN to accumulate that nest egg
in your chosen time frame?
Most people who expect to enjoy a care-free, enjoyable retirement
by following conventional wisdom, methods, and strategies,
have their heads buried in the sand and are in for some
unpleasant surprises or a rude awakening.
It’s time to wake up and plan ahead if you hope to
spend your “golden years” doing more than watching
reruns of old television shows from your rocker with drool
running down your chin as you wait for the next “meals
on wheels” delivery to be made.
No matter which side of the current political debate you
fall on, you're not looking at all the facts if you don’t
think “working class” Americans (and others around
the world) face some serious impending financial problems.
And most politicians on either side don’t really care.
They’ve got their own personal agendas and a luxurious
retirement plan already funded by your hard-earned and often
misspent tax dollars. But that’s a whole other nightmare
and article.
Nobody who looks at all the FACTS with half an ounce of
common sense could deny potential serious problems lie ahead.
Below are just a few quick facts to consider. They are by
no means all inclusive.
- True “job security” is a thing of the distant past.
- More goods and services are being produced from outside our
borders, and the trend is GROWING.
- According to recent statistics the 'average' American carries
7 credit cards and is over $9,000 in credit card debt alone.
- The two biggest roadblocks to individual wealth accumulation
are TAXES and INTEREST on consumer debt.
- Federal deficits are at an all time high, and the long term
commitment in Iraq isn't helping that situation.
- A HUGE swell of 'babyboomers' already reaching early retirement
age will be dropping out of the work force over the coming 10-15
years. Revenues will decline and many expenses will rise, both
for individuals and the system.
- People are living much longer and spending more in their later
years on health care and prescription drugs. That creates a need
for a much larger nest egg than most people plan on.
- Health care and prescription drug cost increases continue to
dramatically outpace inflation.
- Oil prices at an all time high with no end in sight create a
major squeeze on the poor and middle class and have an immediate
upward impact on INFLATION.
- Social Security benefits will have to be cut, or taxes raised,
or BOTH.
- Company sponsored pension plans have been on a major decline
for years and will eventually become extinct.
So is there any GOOD NEWS?
Yes, theres plenty - for people who are willing to recognize some
TRENDS in society, look “outside the box”, and make a
paradigm shift in some outdated thoughts and actions.
But first you have to be able to answer two more questions
correctly:
- 1) Who’s more likely to have a better income and quality
of life - a successful business owner or their employees?
- And based on that answer and several of the bulleted facts
above, what is quickly becoming the World’s #1 Financial
Success Strategy?
The correct answer to the first question should be obvious. The
answer to the second is: Owning your own business.
But that brings up even more questions: What type of business?
How can “average” people afford to start a business? What
special knowledge or skills are required? etc. etc.
A successful business needs to be able to recognize and adapt to
trends in society and provide products or services that people want
or need. Thanks to advances in modern technology, the Internet,
and low cost long distance rates the combination of which allows
worldwide communication at the speed of light successful International
businesses with very low overhead can now be run from the comfort
and convenience of home, or from anywhere you can get access to
a telephone line.
And if you find the RIGHT business, start up and overhead costs
are very low, and you can "earn while you learn".
Starting a conventional business can be a risky and expensive venture.
Most fail before they ever get off the ground and most 'average'
people don't have the capital or skills required. Most 'mom &
pop' businesses are nothing more than a low paying job with long
hours.
Might there be a better way?
Looking back over my bulleted list of real PROBLEMS above, a
few major potential opportunities and solutions stand out:
- There is a HUGE worldwide demand, need, and desire for
people to:
* Take back control of their lives,
* Increase their current income or create additional income,
* Enjoy more free time or increased QUALITY of life,
* Legally minimize their tax burden and debt situation,
* Eliminate many of the hassles, stress, wasted time, and
expenses of commuting to a job or career, and
* Improve their long term financial security.
- The US government (and most others) gives significant
tax breaks to people who own and operate a legitimate business
with the intention to make a profit.
- The “natural” health and wellness industry
is growing by leaps and bounds and is predicted by many
experts to be the next trillion dollar industry. More and
more people are successfully addressing health concerns
"naturally" and are reducing their costs of health
care, their dependency on prescription drugs, and greatly
enhancing their quality of life.
How can knowing or recognizing the simple facts above help you?
And what if there was a way to profit simultaneously or synergistically
from ALL of them?
Developing a “Millionaire Mindset” is the key!
Have you read “Rich Dad Poor Dad” or other books by multi-millionaire
best selling author Robert Kiyosaki? How about the all time best
selling classic “Think and Grow Rich” by Napolean Hill?
If not, contact me to get a free copy of the latter.
Millionaires, successful business owners, and entrepreneurs, all
have a different attitude and mindset about money that anybody can
learn. They understand and take advantage of three powerful concepts
Passive Recurring Income, Leverage, and Geometric Growth Potential.
I don’t have time to cover all the important details in this
brief article. But I can provide them via email in a free report
titled “3 Millionaire Secrets Revealed”. Or you can learn
more on the Internet at: http://www.RUwealthy.com
What type of business gives “average people” the best
shot at success and a realistic chance to achieve their dreams?
According to “Rich Dad Poor Dad” author Robert
Kiyosaki and many other experts, NEW WAVE network marketing
has become the “Perfect Business”. For more details
from Mr. Kiyosaki, visit: http://www.RichDad4.com
Unfortunately the terms 'network marketing' or ‘MLM’
have a bad rap with the general population because many people have
tried and failed. Others confuse legal and legitimate opportunities
with the many illegal scams and “pyramid schemes” that
will always be around as long as foolish, greedy, or naïve
people believe they can “get rich quick for doing nothing”.
Legitimate network marketing is simply an unconventional
way to build a distribution network for quality products and
services. The business model gives every individual the opportunity
to become CEO of their own business, and eliminates many of
the negatives and typical "glass ceilings" of the
corporate world.
The sad truth is that most people who start ANY business do NOT
have success. There are many reasons for that simple truth. But
the biggest one is…
LOVE IS BLIND!
People who fall in love whether it be with a person, a concept,
or a product seldom maintain the ability to objectively evaluate
the BIG PICTURE or complete package.
Do you think most people make most decisions based on emotions,
or based on logical evaluation of all the facts? I’ll guarantee
you that most are made based on emotions, then frequently rationalized
by choosing questionable ‘facts’ that support the decision
that was already made. It may sound foolish but it's “human
nature”.
The same thing happens in business. But there are 5-9 “Pillars
to Success” or "Universal Laws" that must ALL be
in place before any substantial long term success can be achieved
in any business. I’d be happy to email a summary sheet or access
to more detailed information to anyone who's interested.
Anyone with an open-minded willingness to learn, who is willing
to do a little research, get some good information, and find
the right company, mentors, and TEAM to work with, can achieve
truly uncommon success in a relatively short time.
Starting part-time, it's possible to produce a life and lifestyle
most people only dream of in 3-5 years. Some people do it much quicker.
All you need is some important fact-based information, some support
and training from a good coach, mentor, or TEAM, and a willingness
to put what you learn into ACTION.
Best wishes for Financial Security and a care-free, enjoyable,
and long lasting early retirement! It can all be yours for
the asking if you understand and apply a few simple concepts.
Mike Duffey "semi-retired" from his Retirement
& Financial Planning business at the age of 34 and now does
Personal Success Coaching and small business consulting. He has
authored several educational articles and reports. Contact him directly
for copies, more information, or a free consultation. U.S.A. or
Canada 24 hr Toll Free: 877- 832- 7487. For an exceptional FREE
e-book visit: http://Help4u.SuccessIn10steps.com
For some exceptional FREE Coaching, Training, and Mentoring,
visit: http://Help4u.MentoringForFree.com
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