Let’s put aside the idea of creating wealth for a minute. First of all, why do people work in the first place?
In order to be able to provide food, shelter, transportation, maybe a few comforts if nothing else for themselves and their family, right – and so that someday they hopefully won’t have to work any longer and can live off “the fruit of their labor” in retirement?
That’s the idea right?
What Retirement May Look Like For Many Today In The Information Age
Yet more and more people are finally beginning to realize that although that’s what they may WANT, job security today is an oxymoron, and for most people the definition of retirement is also changing. Go into any Walmart today and you’ll see some people in their 80’s and even older still working part time – was that part of their financial plan? That’s not being harsh, that’s the truth. No one works at Walmart in their golden years at low wages just because they want to…
Then there are others where “retirement” now means to them having to drastically cut back their expenses and watch every penny or even having to rely on their kids to take care of them should they not want or be able to continue working.
Still for others it may mean having to go broke, liquidating everything you have to pay for nursing home care so you can hope to maybe someday qualify for Medicare (happened to my grandma).
Then there are those whose retirement plans consist of hoping and preying for a miracle – maybe a government bailout, maybe winning the lottery – and just continue to live day by day, paycheck to paycheck hoping their luck will simply change and things will take care of themselves on their own.
Having been educated on the old 40/40/40 industrial age retirement and benefits plan, I think most people are in still in denial that there’s a crucial problem because that’s the only plan they know, that’s the only plan they thought there was! So they continue to think about it, desperately trying to hold onto it, trying to salvage whatever they can of this outdated financial plan and so-called retirement strategy that they haven’t taken the time to see where they’re currently headed, the path they’re still traveling down.
It’s like paddling one direction along a river and not noticing that the current begins to get stronger and stronger. The sound of the water begins to get louder and louder behind you until you finally look up and realize the current is pulling you quickly downstream in the opposite direction you are paddling, closer and closer to the beginning of the waterfall, ready to consume you. You may be headed toward certain peril but it’s not too late to change course, abandon ship altogether if necessary and get to shore (solid ground, ie, foundation) before you go over the edge and potentially lose everything.
So what is your financial plan going forward and for the future if there is no government or social security income, no pension from an employer, or enough income from your 401(k) or other speculations, er, I mean investments – what is your plan for creating wealth?
Do you have a plan other than hoping and praying for the best?
Hoping and praying…
- that things will just turn around all on their own?
- That millions of jobs will somehow just magically appear,
- that the huge trillion dollar deficits will just go away,
- that other countries will just forgive us our debt,
- that they’ll find the $100+ trillion dollars needed to replenish the social security trust fund,
- that house prices will return to their overinflated levels,
- that silver, gold, oil along with food and energy prices will go down instead of up?
Or are you using this information, these forming trends, to reassess your situation to make better plans, to obtain the necessary education, to learn the necessary skills, to take the necessary action to ensure a secure, a comfortable, or a rich “retirement” period for you?
Maybe that entails picking up a few books on investing to learn what to do with your money, rather than just turning it over to the old stock broker or mutual fund company (how’s that worked out for you with the stock market at the same levels now as it was at over ten years ago?).
Perhaps that means moving to another city or state to decrease your tax burden or where opportunity for success is more prevalent.
The choice today for creating wealth is yours…
Choosing to do nothing, choosing NOT to make any changes or to not even look up to see where you’re headed IS a choice. What will be your choice?
(By the way, you can decide to choose a new path, a new financial plan whenever you choose. Creating Wealth – Financial Freedom – begins with a choice…)
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