How Much Does The Average 60-Year-Old Have Saved For Retirement The Secret To Fantastic Finances

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The Secret To Fantastic Finances

Are you tired of living on credit? Do you wish you had some money to fall back on if the unexpected happened? How about the ability to generate passive income so you can choose how you live, where and with whom you spend your most precious commodity – time?

There are only two excuses or reasons why people don’t act on their dreams and live their ideal life. Not enough time or not enough money. These two critical areas of our lives limit us and our potential, making us afraid that if we take risks, we will fail. The focus is often on the negative and unwelcome outcomes that have materialized.I want to give you the tools and strategies to get your finances back on track and design a life that allows you to have the perfect ideal day-to-day.

A perfectly ideal average day is just that – average! You are not on vacation or doing something unusual. If you could choose to do whatever you liked, how would you spend your time. You might decide to start your day later, reading, socializing or shopping. No matter how you look at it, it’s for you.

Did you know that in developed countries such as Australia and the United States, more than 50% of people only have one month of savings for emergencies? More than 60% of people also pay checks by check, a statistic that has continued to grow over the years.

Household budgeting; I get asked “why?” It’s shocking how people have no concept of what’s in and out and whether they can afford it the way they live. This is very scary and unfortunate, especially when these people start having children and the cost of living rises to a new level, income tends to decrease and expenses increase.

I want to share with you some tips to improve your financial situation and start creating wealth so you can live a life of luxury instead of scarcity. Another well-known statistic to be familiar with is:

When people reach retirement age:

1-2% are rich

75% on welfare

23% have died

Which statistic do you want to belong to when you retire?

Our education about finances begins at an early age. Think about who your role models were around when you were growing up. Are they good with money or just making ends meet at the end of each pay cycle? Our beliefs about how to manage money and more importantly how to make money are established before we are 7 years old.

It is very important to understand where your thoughts about money and finances come from, and if necessary, begin to create new beliefs to serve your future.

I want to illustrate how beliefs around money are born by sharing my story in this particular area. I grew up in Macedonia mostly as a middle class female role model there. My main role models are my mom and aunts (or as I like to call them – my two moms). My mom and dad separated before I was 3 and I was surrounded by strong independent women who took care of themselves and were the breadwinners of the family. These two women could also be called my rich mom and poor mom, as Robert Kyosaki described his two dads as role models in his now famous book Rich Dad Poor Dad.

My rich mom – my aunt is a banker and I visit her a lot at work to learn how banks work. I have had an account from a very young age where my savings can be deposited into. My aunt always gets what she wants ahead of time and plans for the future. One thing I didn’t mention is that she has a disability (she’s had polio since she was 2 years old) and always worked twice as hard as her siblings to get to where she is today. She is very firm and very smart about the investment decisions she makes. When her bank failed, she couldn’t find work elsewhere. The country’s economy is in decline, and there are very few jobs for perfectly healthy people, let alone those with disabilities.

She invested the money she had earned and saved over the years in a retail store and several one-bedroom apartments. This is her livelihood today. The rental income (passive income) from these three assets (two businesses and a retail store) supports her lifestyle and she is able to take care of herself independently without anyone else’s financial assistance. She pays her bills on time, goes on vacation, and drives a new car. For years, she’s been living an ideally average perfect day. In fact, her bank has been closed for more than 15 years and she hasn’t worked a day.

The belief I developed watching her as a child was that if you want to live comfortably and buy the things you want, you have to save and budget. I know that planning for the distant future is a must if you want to have a fun retirement where you can explore and enjoy time with your family. You have to work hard to generate passive income from various avenues, which I will reveal later.

What about my poor mother? This is my real mother. She’s also pretty good at managing money and saving, but is approaching retirement with no passive income and will likely end up on benefits. I must say, I got some great qualities from her, like determination, hard work, and the ability to blend in with her surroundings quickly and easily. Not finances or money. I watched my mom work three jobs when I was very young. Her full-time job is 7-3 as a draftsman, doing crossword puzzles for the newspaper in the afternoons, and then she’ll be a bingo speaker in the evenings. It feels like she’s been doing it for a long time.

The belief I developed from this was that making money is hard, you have to work a lot of hours to live comfortably, and you have to have backup at all times in case you need it. My mom has been very supportive, but it’s only short-term. If she stopped working today, in just a few months, her funds would run out, as they are not passive or recurring, and she would have to sell her house to support herself further. That or living off a small welfare check with minimal staples to feed yourself.

Where will I leave today? I’m pretty good with money and keep my debt to a minimum or no (except my mortgage). I’m able to enjoy several vacations each year with my family because I’m such a saver. I am working on my business generating passive income for the future and setting an example for people in the money game to strive for excellence and results that I have yet to see around me. My mindset has grown to a level where I will invest in my education to learn new tools and strategies that will put me ahead financially so I can reach my ideal average perfect day faster and enjoy my Favorite thing – spending time with my family and traveling the world.

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