Dear FutureMoneyTrends.com Member,
I know this goes against the entire financial industry, but please consider what I have to say today, as I believe it could greatly improve your life. My advice is to stop saving for retirement – completely!
Let go of the entire idea: the IRAs, annuities, all of it… Instead, replace it with this new objective: freeing yourself from a paycheck. The goal is the same as retirement, but the two paths couldn’t be more different.
When you make this decision, in that very moment, you will be unleashing yourself from the mentality of being financially secure through savings to becomingindependent and secure through income.
Whether you are 65 or 45, the equation is the same; does your passive income cover your expenses,what’s the cost of your lifestyle, and how are you going to pay for it?
I am not saying for you to retire early or to give up your active income, what I am suggesting is scrapping the 30-to 40-year old plan of becoming financially independent when you are in your 60s.
To implement this requires a change of thinking. Instead of socking away money to save, we sock away money that pays a yield. It’s still okay to defer that yield and roll it into further income investments, but the point is to start keeping track of your income.
For most retirement savers, they have no clue what their income is outside of their main source.
By keeping track and watching your passive income grow, this will help motivate you and slowly free yourself from being dependent upon a single source of income.
For the month of February, I am going to dedicate our Weekly Wealth Digests to helping you grow your passive income and create a financial plan for immediate financial freedom!