Net Net TOUGH-Will I Have Enough Money, Will it Last?
Course #8 of 9 – Ability to Chose to Work or Not?
- Will I have enough money?
- Will I run out of money?
- How much do I need to save now to have an income of $___ per year later?
Where would I get savings, as I don’t have any now? See How to Clean Your Financial Kitchen Course on Cashflow to find extra money to set aside.
There are complex and simple retirement projections, but below we have given you a simple step to get your mindset right, being – you need to start building ownership in quality assets.
- Go to this Quick Retirement Calculator and input your monthly savings amount
- You will be asked to make a couple assumptions. Make it easy on yourself and don’t get hung up in the details.
- If you have a corporation, use the amount of money you accumulate inside your corporation each year and leave behind.
Now the reality is, a TON will change in your life so this plan you just did is WRONG. Yes that isn’t a typo. In 3 months you get a promotion and get a raise, and hopefully save more. Or you get laid off and can’t save anything. Maybe you want to buy a bigger house after having a new unexpected child… these are all real situations. But what the above does is start to get you in the right mindset to save money.
To make daily decisions on how you manage your money, cashflow and making sure if nothing else… you are putting extra money into quality assets which can include real estate and or a business that generates consistent cashflow and pays you a dividend. That business could be your own business or a business you buy in the public market.
I am happy to walk you through this model, or a more comprehensive model or talk you through to get it right – Contact US NOW. It is very important and this step in the Net Net TOUGH course can be easy to get lost in the weeds of details. Keep it simple, you are not trying to get it right, you are trying to get an idea of what savings amounts could potentially result in down the road.