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Learn why age 40 is an important deadline to get serious about investing for retirement.Why is 40 so important? You may be familiar with my Wealth Heiress book’s Wealth Building Formula (McT)™. The formula is comprised of 3 parts, which are the 3 parts to wealth building or, in this case, having a comfortable retirement.
M = Money, or how much money you have to invest.
C = Compounding, or what rate of return you are compounding at.
T = Time, or the amount of years you have to invest (until retirement).
Let’s say you got a late start saving for retirement.
To make up for it you have only 3 choices (McT again):
1. M = You can save and contribute more money to your retirement plan, or
2. C = You can invest better and earn a higher rate of return, or
3. T = You can work longer and retire later.
Let’s analyze your choices.
You are already saving as much as you can, so #1 is out.
You would rather retire sooner than later, so #3 is not ideal. Nobody want to do this, yet that’s exactly what your default choice will be if you don’t invest well.
That leaves investing better, #2.
Only investing better, ie. being smarter about where and how you invest, can improve your circumstances without you having to find more money to save or delay retirement.
If your money is earning .25% interest in a savings account, it would take 99 years to equal the performance that our best investment increased in 11 months.
By investing better, ie. being smarter about where and how you invest, you can improve your circumstances without having to save more money or delaying your retirement.
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TODAY’S SPONSOR
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom.
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