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.
Let's talk more about the "BUY AND HOLD" aspect of Real Estate and what many have learned as more or less the “commandments” of real estate investing for retirement, this one has caused more than its fair share
of regret. Though its premise looks great on paper, more often than not, its execution fails to deliver. What’s worse is that since the results it delivers come at retirement, dodging most of the damage is easier said than done.
“Save and Hope” is not a strategy!
Recently I met with a friend who is 58 years old to discuss his retirement plans. I asked him how he felt about his retirement plans. He was very direct with his answer.
Your social security retirement age (also known as your full or normal retirement age) is dependent upon the year you were born and can be anywhere from 66 to 67 years of age. Claiming it before you after this age will result in a modified benefit amount. Here are the logistics:
Years ago I was at an educational event, the first speaker was a very successful investment advisor for the wealthy. He opened his presentation by sharing the two most important rules to retirement:
There is an old saying “It takes money to make money”. However, the adage doesn’t say “It takes YOUR money to make money.” Have you ever thought about how banks make money? We as consumers deposit our money into the bank ostensibly loaning the bank our money and receiving interest for our money. The bank then invests or loans our money to others and charges more than they are paying us, thereby earning a profit without using their own money. Did you know you can do this too?