Be Rich with Purpose
Money, Savings, and Inflation
I question why is it that money is a sensitive subject that a lot of families simply just don’t like to talk about? Yet money has a lot to do with our everyday life style. You may not be made of money, or it may not grow on trees. But you still need to think and talk about it. You might work for money; have you ever thought about how money can work for you? If you take 1 month and use it to stop buying the morning coffee, the daily donut, breakfast burrito, etc… not only would you be in better health; but you soon would have extra cash that can actually be put to work for you; and make more cash for you. HOW? It’s up to you to find out what works for you.
Now this morning I took a look at my savings to see the rate of return that I am getting. 2.88% is not enough in the long term to retire off of. Not only that if you’re working at a job that pays below the poverty level you’re really not going to have much savings at all. Our past presidents and financial institutions have made available many different retirement packages. Most of which you must contribute something before you get anything. Not like the old days where you would get benefits if you were to retire with a company. It is my opinion that savings are good for those rainy days and emergencies that we on occasion seem to have regardless how much we choose not to be part of them.
What is your savings doing for you in the long term? Is it below or above the rate of inflation? Above is good; usually when I get someone to answer that particular question; it almost always below the rate of inflation. When you take out money from your savings you have the potential of being taxed at the current rate of inflation.
Inflation has stopped its 15 year down trend in 2004 and is definitely on an up trend. Go back and look at your savings to see about how much you will be taxed when you pull out that monthly withdraw for retirement. If you’re a baby boomer and living a good life full of fun; I can just about guarantee that you are going to be pulling money out faster than what the plan is giving you back in interest. Are you ready to run out of cash? For your sake; I hope not. In the recent past inflation was as high as 7%. That is more than double my return on my retirement plan. So now we’re back to the matter of cashflow.
WHAT ARE YOU GOING TO DO TO PUT YOURSELF IN A BETTER POSITION?
The choice you make is right for you. I wish you all the best. In the mean time I’m running Rich Guy Network; It’s my project; and the first step towards my goal of financial freedom. My next goal is to make 50K a month; you have the chance to join me for the ride towards your own freedom. For more info join me at RichGuyNetwork.com
Be wonderful; and you’ll have a wonderful life.
Now this morning I took a look at my savings to see the rate of return that I am getting. 2.88% is not enough in the long term to retire off of. Not only that if you’re working at a job that pays below the poverty level you’re really not going to have much savings at all. Our past presidents and financial institutions have made available many different retirement packages. Most of which you must contribute something before you get anything. Not like the old days where you would get benefits if you were to retire with a company. It is my opinion that savings are good for those rainy days and emergencies that we on occasion seem to have regardless how much we choose not to be part of them.
What is your savings doing for you in the long term? Is it below or above the rate of inflation? Above is good; usually when I get someone to answer that particular question; it almost always below the rate of inflation. When you take out money from your savings you have the potential of being taxed at the current rate of inflation.
Inflation has stopped its 15 year down trend in 2004 and is definitely on an up trend. Go back and look at your savings to see about how much you will be taxed when you pull out that monthly withdraw for retirement. If you’re a baby boomer and living a good life full of fun; I can just about guarantee that you are going to be pulling money out faster than what the plan is giving you back in interest. Are you ready to run out of cash? For your sake; I hope not. In the recent past inflation was as high as 7%. That is more than double my return on my retirement plan. So now we’re back to the matter of cashflow.
WHAT ARE YOU GOING TO DO TO PUT YOURSELF IN A BETTER POSITION?
The choice you make is right for you. I wish you all the best. In the mean time I’m running Rich Guy Network; It’s my project; and the first step towards my goal of financial freedom. My next goal is to make 50K a month; you have the chance to join me for the ride towards your own freedom. For more info join me at RichGuyNetwork.com
Be wonderful; and you’ll have a wonderful life.
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