How do you create wealth here are 10 ways.
1)Something many self-made wealthy people have in common is that they are valuable in specific ways.
2) The concept of saving money is not new so you want to tax yourself and create a savings.
3) Create you plan and follow it.
5) Start a business
6) Be Grateful
7) Develop patience
8) Educate yourself
9) Take Calculated Risk
10) Give Back.
All sounds fairly easy yes?
Here are a few things you should be considering when considering investing.
Are you currently renting?
Are you looking to purchase your first home?
Are you a homeowner and looking to upsize and or buy a vacation home?
Did you know that 66% first -time millennial home buyers expect some kind of assistance from their parents.
Are you looking to supplement your income, employment, starting a business, selling a business or working during your retirement?
Did you know that 70% pre-retirees plan to work in retirement. Retirees on average spend 7.5 hours of leisure meaningful ways to spend free time per day.
How should you assess your investment mindset. Establish the right level of risk exposure. Discuss accessibility of assets and your desire level of involvement. Take a good look at your essential spending needs as well as family and community related goals. Learn about the life priorities and define your financial goals.
Did you know that 88% want to save enough so they won't worry about their finances?
Take into consideration taking care of the important family members in your life. Like spouse, partner, parents, children, grandchildren, great grandchildren get the picture.
Did you know that 72% of parents expect one of their adult children to be long term caregivers?
Take in consideration of health and healthcare expenses now and in the future.
Did you know that 41% pre-retirees say future medical costs are their greatest financial concern?
Here are six (6) tools that bring it all together:
* Social Security- Taking benefits early can have an impact on social security.
*Healthcare- Potential out of pocket health care expenses now and in retirement.
*Life Time Income- The impact that income, inflation and life expectancy.
*Trust- A trust can help address goals like protecting assets and providing for family.
*Sequence of Returns- The risk of experiencing poor market returns early in retirement.
*Longevity- Opportunities and challenges that come with living longer in retirement.
Are you willing to take the risk of compound interest plus waiting over time?
Do you know the rule of 72?
72 divided by 5% = 14.4 years
Are you willing to take the risk of time and work to double your investment?
The longer your time horizon is, the more opportunity your money has to grow during times of strong markets and rebound during market corrections. If you are investing with a time horizon of 10, 25, 30 years, the time to invest is now.
The information in this article comes from www.ml.com/guided-investing-program-brochure and merrill edge reviews.
Will you be beginning your 2020 financial legacy this year?
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As always thank you for taking the time to read Tammise Market's Blogs.
Wishing you all an amazing rest of the year.
Please be safe and stay home.
To all essential personnel Tammise Market appreciate and Thank You, for being a brave soldier and serving and keeping the world going during this time. May the Lord keep you all covered and free from harm.