What's My Exit Strategy?

What’s My Exit Strategy?

 

In our Financial Literacy and Entrepreneurship series, we pose the question "What's My Exit Strategy?"

Most Americans have 2 financial objectives. Personal financial success is simply having enough cashflow to take care of one’s family during (1) our working years and (2) our retirement years. However, the sources of income are uniquely different. During our working years the income typically comes the labor put into our jobs, or our businesses, or the combination of both. During our retirement years, the income has to come from income producing assets that we’ve purchased, built, and grown. Assets like stocks, bonds, annuities, retirement accounts (401(K)’s, 403(B)’s, TSP’s), real estate portfolios, and residual based businesses. So what has to happen is during ones working years, we have to make enough money to support our lifestyle, while simultaneously investing enough to build income producing assets sufficient to take care of us during our retirement years and ultimately, the rest of our lives!

Statistics say, millions of Americans, 96% of the workforce, fail to reach the second objective.

Let’s look at one of the reason why!

 

Millions of Americans, after obtaining their education as it pertains to a trade or profession, set out into the labor force to begin their careers. They were given the guidance that throughout their working career to invest in a retirement account and down the road they will be able to retire and live happily ever! :-) Well as you know, that particular strategy hasn't quite delivered the desired results for millions of Americans. There are specific reasons why so many have fallen short of reaching their desired objectives. "Exit Strategy" refers to exiting the labor force or retirement! Why are so many people missing the mark?

First, millions fail to set "The Goal", ie, "How much money they want or need annually during their retirement years?" For example purposes let's say $47,000.00/year.
Second, “How much do they need to accumulate in their retirement account to pay them $47,000/year with them no longer having to work?" What’s the exact dollar amount? For our example, it would be $598,000.00.

(Note: $598,000 @ 8% interest annually is $47,840/year)

Next, They need to know how much to invest monthly over there 20 year working career to accumulate $598,000. That would be $1,000/mo @ 8% for 20 years.

Now, let's now assume that all of the above are a given for millions of Americans!

Unfortunately, millions would still fail to reach their objective, RETIREMENT, if they didn't also learn how to counter the devastating impact of INFLATION, HIGH TAXES, BAD CREDIT, DEBT, and BIG BUSINESS, know as the “Cashflow Killer”, on their Cashflow and overall results! Subsequently, if they fail to reach their goal of RETIREMENT, they also typically fail to build assets, "A Legacy", that they are able to pass on to their children and grandchildren.

Our Income Shifting Membership(ISM) educates and empowers people with the knowledge and tools needed to not only overcome the Cashflow Killers, but also to obtain Personal Financial Success. To get a brief overview of our program, go to www.incomeshifting101.info. Feel free to message me with any questions.

This article was published on 01.11.2018 by TC Chambers
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