Most people think, I have a 401K/IRA so I should be fine, right? Unfortunately, this is not true.
According to the Orange County Register, the cost of California homes are on track to hit a record high in 2018. The past five years have seen a consistent rise in home prices and are expected to continue the next three to five years, according to the CAR's chief economist.
We all want to have money, whether it is for your own gain or to help others for philanthropic reasons. Over the past 50 years we have watched the gap between the rich, the middle class, and poor widen more than ever. Because of this many people believe false myths about becoming financially secure.
We all want to become rich as fast and painlessly as possible. The reality is that only about 10% of Americans ever become truly rich or wealthy. The rest either struggle their entire lives to pay bills or they live on their life savings in retirement. In both situations, they end up with little or nothing left for their heirs when they leave this planet. The great news is that it doesn’t have to be this way. The truth is that the majority of people in this country CAN become wealthy if they learn how.
“Save and Hope” is not a strategy!
Nothing outrages me more than seeing people being taken advantage of and set up to fail. This was the case with sub-prime loans and is now the case with student loans. It is corrupt legal collusion between colleges/universities and the government to line both of their pockets at the expense of students and families. The government provides student loans at outrageous interest rates relative to what they charge banks and everyone else. They bury the student/family in debt for decades preventing them from being able to file bankruptcy when the education the student receives does not provide anywhere near the income needed to be able to repay the debt.
Over the past 30 years more and more companies have thrown in the towel on providing pension support for their employees and have pointed their employees toward a 401K retirement plan. After 30 years the results are in and results are a disaster for many Americans and their hopes to retire.