What does your retirement number look like? For some people the number that springs to mind is 60 or 65 years old. However there is another number that is more important than the age number. It’s the amount of passive income that is needed to come in each month in order to live on.
Financial Institutions have been telling us for years to hand our money over to them and they will look after it for us. In today’s world of record low interest rates can you afford to continue to think this way? With inflation running at 2 % – 3% eroding our money’s buying power each year and bank interest at 2% or less, in some countries it is negative; our nest egg is going backwards.
It is important to take control of and be aware of available investing choices and a good starting point to becoming a safe, smart, savvy investor is to become educated on different investing streams and get to know your own investing type. One way to do that is to play Robert Kiyosaki’s board game, Cash Flow. The game will have the effect of speeding up time for you and give you a sense of who you are as an investor.
Retirement coach Ann Nelson of Ann Nelson Enterprises interviewed Damion Lupo of Total Control Financial to come up with some strategies for taking control of your finances. Damion has started and owned more than 30 different companies including an Insurance Agency, a Precious Metals Firm, a Venture Capital Company, a Financial Consulting Firm and many Real-Estate Investment and Development Companies. Damion joins Ann to share his money strategies and investing tips. www.annnelson.com.au
Who are you listening to? Getting investing tips from the local barber may not be wise. In Damion’s book, “Reinvented Life”, he talks about the five people that influence you. You become an average of them including how wealthy they are. It is important to start spending time around people that are successfully on the investing path by reading their books, getting a coach expert in their field, attending seminars and webinars and investing time to educate yourself.
It is important to get that passive income number in your head as it will help you commit to a regular savings plan. If you can change your mind set around investing than perhaps you will be able to kick some bad spending habits that are destroying your money. Damion believes that cash flow is king and cash is trash. Invest your money in assets that will go on indefinitely and will pay you an income every month.
Not everyone is a fan of Wall Street. Being diversified does not necessarily mean having a spread of stocks. There are other investing vehicles out there including precious metals and Real Estate. According to Damion Lupo you should have started saving 20 year ago and if not then now. Damion believes we are all capable of building an investment portfolio for our retirement and shares some strategies on the Retire Well, Retire Happy podcast show. www.annnelson.com.au/retire-well-retire-happy/the-podcast.html
If you want to be able to:-
1. Retire from work
2. Not to have to worry about your pension
3. Replace your pay check
4. Provide for your loved ones
Then Damion Lupo suggests you look at these strategies:-
1. Think differently as cash flow is king
2. Start saving today and stop bad spending habits
3. Get financially educated including a good coach or mentor
4. Get diversified
For more information about Damion’s Strategies for building your income machine then check out Ann’s interview with Damion on her website and know more about becoming happy in retirement with some savings and investing strategies www.annnelson.com.au