How To Retire Rich In The New Economy

Published: 08th January 2009
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In this article I'm gonna tell you some things you want to hear and some thing you don't. I will outline some potential scenarios that can enable you to actually have some REAL cash when you retire. There is a caveat. You have to take the responsibility for your financial future.

Ok, your ready to take control, and a job as a Wal-Mart greeter is not in your future. What do you do next? The short and simple answer is this...

Educate yourself about money, turn off the TV and read a book about money, spend time with or make new friends that have money, you get the idea.

Here's a quick tip. Commit now, the next income that you receive accordingly.

50% for Living Expenses

10% for Savings

10% for Investments

10% for Education

10% for Charities

10% for Fun!

Just committing to this alone will put you ahead of at least 90% of the population!

Yes, it takes discipline, however once it becomes a habit, your mind will see the potential and the long term benefits.

OK, Mark, How do I retire rich?

Anyone who know me, knows I'm a big fan of Real Estate. I've made a ton of money and lost my shorts. I am diversified, yet my passion is income producing houses.

Buy one house a year for ten years. Go faster, go slower, you still will have a very nice stash of cash.

Regardless of the current economy, Real Estate values increase 4% annually minimum over long periods, Google it. Find an area that appreciates in the 5-10% range would be even better.

For this exercise I'm leaving out Residual Income & Tax Benefits. Home value only.

Check this out, $100,000 purchase price x 4% appreciation, for ten years = $148,000.

Do this ten times and in ten years, you have $480,000!

Obviously there's a lot more to it. I just want to get your wheels rolling.

So your homework, till next time.

Take responsibility for your future. The only advice I would take would be from someone with more net worth than me and could prove it.

Educate yourself about money and become friends with it. Pick up as many books you can find, go to seminars, seek out others with money, most are willing to help you.

Start managing your money using the 50,10,10,10,10,10 rule. That alone will change your life!

Buy income producing houses. More on this later.

Warmest Holiday Wishes and A Prosperous New Year!

Mark & Barbara Lumpkins

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