A really important question today. How much did you save for retirement? Like,
what is the real math? What's the real number? What are you going to need to
retire? I'm glad you're asking because not a lot of people actually even care
to think about it but the reality is, there is some science to this and that's
what we're going to break down for you today.
How much money do I need for retirement?
How could I really know, it's your business not mine. - So how much do you
need for retirement? This is what we're talking about and this is a personal
questions, you're going to have a personal answer, it's going to be different for
everybody but I think more importantly than how much do I need, I want you to
get focused on what exactly is that you want in retirement. Forget retirement,
let's go back to what we had talked about before, fulfillment. What will
create fulfillment for you? So again, let's get away from the word retirement
and let's just start using fulfillment for a moment. What do you need to
feel fulfilled? - Because this is the world that we live in today. We live in an
accumulation mindset. Everything in society and raised up as go to college,
get good grades, get a degree then work for somebody else, save save save, 401k
and what we're doing is, we believe that we can save ourselves to freedom. Well
just for a moment, let's actually go with your math, let's actually say that you
get a good job, you're making more than the national average, let's say instead of
44,000 a year you and your spouse are working, maybe you've got a combined
income of $80,000 a year and you're setting money inside the 401k and IRA,
you got a match, oh, I'm getting my match. So I'm doing everything right
according to society, let's fast forward 10 years, pit
stop. My 401k has accumulated a little bit of money, I'm feeling good about it
cause I got something in there. I've been paying down my house that I bought right
because after 10 years, I'm now done paying the front loaded interest and now
I'm starting to pay down more and more as a good assistant manager, I paying down
some of my vehicles, 10 more years, driving driving driving, pit stop, we're
20 years in, you got more money in your 401k, you got more of your house
paid, yeah that's going away - Wait, your
daughter just got married. - Yeah, we picked up some more debt but don't worry,
we got time, we'll pay it off. - But how are you going to pay for the wedding?
- Well, I'll probably with the car that we just bought for her, I don't know yet.
You know what, time we'll solve this, this plan has been taught to us,
it will prevail. - Let's refinance your house so we
can pull out some money, pay for the wedding.
- Yeah, that will be great but don't worry, we got time, okay. Cheers ten more years
left, we're 30 years into our plan, my 401k is actually, you know, I just passed
a hundred thousand dollars a month. I'm putting some money sat in there
and then all of a sudden my house, I had to refinance it along the way one
more time but you know, we still have a hundred thousand dollars of equity
and how am I feeling? I'm starting to feel a little desperate, I'm
starting to feel like okay, wow. I'm on the other side of the fence,
I've been following society's plan 30 years into it and it's not very much
money when I'm being honest, I don't really want to look at that but it's not
everything that I was home being that it might be, that's okay, you know what, let's
go, let's go. - We're still saving. - 10 more years goes down the road and all the
sudden pit stop, it's like, how are we feeling?
Panic, right? It's all studying and it's like, I don't got enough money, I got laid
off once, I picked up another job, they're telling me I'm too old, I'm not
marketable, I got these wrinkles, I go they go away and the more weddings and
at the end of the day, a divorce down the road and it's like, crap, I followed the
plan and actually thought I was executing it quite well. Let's just say
though that in all of that accumulation you have $300,000, you've got your house,
let's say it's paid off, your $250,000 house paid off,
let's say you've got a quarter million in 401k, no one does but let's just
say you do, you got a courthouse paid off, you got a quarter million in 401k,
you even put $50,000 into an IRA but we've got a half a million
dollar net worth, we got $500,000, I worked for 40 years,
I accumulated and the reality is that, I live off of $70,000 a
year so if I have $500,000 now that I've spent 40 years
building it, how many years will it take for me to decimate it, annihilate it,
destroy it, reduce it to rubble? 7 or 8 years from
now, guess what? A lifetime is gone and this is what Steven and I are asking, is
that a good plan if you know it can't work? - I want to talk about this in
terms of a quick just analogy, building a home. Now I don't know if any of you have
ever built a home but this is what we're talking about, you're building your
financial home and this is that kind of accumulation mindset so just stay with
me for a moment. You start with this foundation, you build
it then you frame up the home then you put the systems in the home, you put the
exterior of the home, you put the roof of the home and your building building building
building. Once you've completed your home, would it ever makes sense to you to then
in retirement, in this fulfillment time, to start taking
apart that home board by board, brick by brick - Let's start with the roof - until there's
- Rain's getting inside. - no more home left. Like, does that ever make sense and the answer
that I have for me is no, that makes absolutely no sense. The reality is we
are all doing this financially, we build this financial home in accumulating
only to then disperse it, spend it, put it out there and to take it back down to
nothing at the end so do we want to accumulate your retirement? - The reality
is the reality is that if you're stuck in the accumulation mindset, let's get
even, let's actually talk about the very few that becomes super successful with
accumulation. I've met people that has set a million aside or even one and a
half million and to get there, they were financially petrified, terrified and
scared, they're living in scarcity, they're living on bread crumbs, their
cheapest church mice and who they've become in the process of there is this
much and there is an energy of negativity and it's because they've done
the math and they know the reality, it's like, I don't know when I'm going to die, I
don't know what my d-day is and so I got to make sure that I'm prepared for
that, maybe leave something for my children so here's what we're going to say,
if you have this accumulation plan through a job and you think you can
accumulate a million dollars, maybe two million dollars, you can definitely put a
basic life together. Why? Because a million dollars in retirement sitting in
an annuity at 40 at 4% is going to give you about $40,000 so if you have two million
dollars, $80,000. You would need $2,000,000 to replace your
lifestyle of $8,000 and we're not even talking about putting
inflation which is eating at your money 3% a year into account. So when you start
doing the math, it's like, for the average person in this country, the average
household income, they do need $2,000,000, that's the number that
they need but how far will they fall short? Not by half, they won't even get a
quarter of it, most of them are going to get between 5% and 15% percent of what
is needed with the accumulation mentality so we need something different,
we need a really really big upgrade and today we're going to talk about something
that generates real freedom way sooner way quicker instead of how much can you
accumulate, it's how much residual income can you establish? - So again, the question is
how much do you need to retire? How much do you need for retirement? Instead of
getting to that accumulated number, that end-all-be-all number, like you said, the
reality is, how much do you need on a monthly basis? What do you need to
sustain and to keep your lifestyle? - And don't forget the fulfillment, the
dream, the fulfillment parties on the grand kids. - Absolutely, right. What do you need to grow into a
retirement or into a fulfilled life today and tomorrow? What can you do also
to pass that down. I'm want to talk about this for a second, this is important here. It's not
just about that retirement number but a lot of people in retirement want to help
their kids, want to help their grandkids, right? And so, how do you build
that proper legacy and one of the reasons why Kris and I gravitate to
real estate so much is because real estate is that thing that can do that,
it's not about accumulating all this money, it's about getting real
estate that works for you, that's paying you on a monthly basis so we had a
scenario where you talked about earlier, right, if you had a choice, now it's going
to give you either a million dollars on one hand or allow you to earn $10,000 a
month for the rest of your life, what would you choose? - Well I know that
there's a lot of people would say, I want to be a millionaire so I've freakin' bad but
the reality is is that the $10,000 a month every month for the rest of your
life, not only does that represent 12% 14% return on your money but more
importantly, it's the fact that if you can create a lifestyle that fits inside
of your residual, you're set. I was just talking with great these are a
couple of our clients, they've been with us now for I think maybe 6 years,
they're now working on their night house I think it is. They've got several
thousand dollars a month residual income, $4,000 or $5,000 and I
don't know what their retirement goals are but what I do know is that
they've got a wealth building plan that started out very small. Bought a property,
$300 a month cash flow, bought another property, $750
of combined cash flow and when I retired the first time, it came down to,
what's my no matter what residual income? And real estate can produce that
predictably, you can also insulate it from market crashes because winter will
come it always does, we're in suspended fall animation right now and so the good news
for you is instead of trying to dream up a two million dollar number or a 5
million or a 1 million dollar number, instead, you just kind of ask, what is it
that I need every month to sustain my lifestyle and then how do I invest an
asset that produce that? And friends, that is
the secret to arriving at your number, what you've got to ask yourself and then
I want to give you a bonus. I want to invite you to ask yourself right now, how much
do you want every month automatic is in minimum coming in and that's going to help
you figure your mouth out, if it's $6,000 a month and if that
represents paying all of your bills and then having some, a little bit of travel
on this or maybe it's $15,000, whatever the number is, that's the number
for you to focus on and you got to start translating your big dollars into
residuals. Now here's the bonus that I want to share with you. If you want to
know the most important financial decision you will ever make in your life
because you're about to make it, the singular most important, okay, this is a
big, there's no hyperbole, this is a really big super - I'm excited for this so -
that single biggest most important financial decision that you could ever
make comes down to one thing, how much money are you going to take religiously
out of every check that is set aside for building that residual income? For some
of you, might be 10%, might be 5%, it might be 20%.
You see, we live in a world part of this accumulation mindset and part of the way
so many of us even get to check to check is because we actually don't pay
ourselves, we're actually paying our bills instead of paying us and when you
pay yourself, you can't pay it off the bottom because by the time you're done
with your bills, guess what. There's nothing left so you got to
start paying yourself when? This can get a little personal for a second here but
my wife and I, you know, we we pay 10% to charity every single year
through our church, that's something that's really important to us that we do
but in addition, there's an amount of money of our income that we take every
month out as a bill and we shove it in a place that basically it's not for
spending, it's not for touching, it's not for bills, it's what we set aside for our
investments and recently, I called my wife up and I said, you know what, I want
you to add 10% more of our gross revenue off of that and at first I didn't
explain myself, she's like, why are we doing that? We're allocating so much
money every month to our investments and the things that we're investing
in, why are you wanting another 10%? I said because I know that if with every
check that goes into our account, if you pull 10% more out and put it in
that account, we will always magically still find a way to have enough for
bills, we always do, there's always going to be enough so I don't care whether you're
check to check behind, if you don't have money, if you right now are totally check
to check, I could challenge you right now to take $200 a month and put it away in
account and you would say, Kris, that's not possible.
- Do it. - Take me to the bank, put that 200 there, make it totally untouchable
make it the first thing that you take out of your check and then go balance
your budget and I promise you, you will not only find a way but it is through
these simple and small means, through this one most important financial
decision that you start accumulating a little bit. Now if you understand the
power of compound interest a little bit, can you accumulate to finally put into
the right investment, in an investment like real estate that's going to grow.
Listen, if you look at, if you snapshot in 5 years like, I can't retire on that.
Guys, that's a snapshot, that's a blip, that's a moment in time but if you keep
compounding it and you check in 5 years later, it's like, where did all
these houses come from? Oh yeah, I made the most important financial decision
while and I stuck to it no matter what and friends, that's how you get the money
set aside for your investing. Now if you wanted to go faster than that then you
would do it with Steven and I through our partnering program and partnering is
where we show you to go and find people to have the money that will invest in
our real estate with you and then we're going to do deals together so there's
always a way to go faster but if you're not going to take our lease option course,
if you're not going to join our real estate community, our paid community, if
you're not going to join our partner profits program then at least do this,
make the most important financial decision today which is decide the
percentage of your check that you get that you will automatically pull out and
set aside because through that little means, you can grow that and compound
that over 10 years, 20 years and you can grow that into a fortune with the residual
income that you can retire. So what's your number? How much do you need for the
retirement you want? What do you need for the passive residual income? If you want
some help not only calculating it but getting a real plan that can support all
the real estate you need to make that happen then check out our website, we've
got awesome tools and and free gifts and reports and more hand-holding that we
can offer you to walk you through exactly how to make that happen.
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