Article I was reading last night. Most of this is familiar but good to have a checklist for this. Gotta start now instead of later.
50 things Millennials can do now so they can retire at 65
Number 22 ain't gonna fly around here since I've taken so long to finish school.
A few of these go against the stuff I picked up from Robert Kiyosaki's books.
4. Pay your savings account - Good advice but they could have gone farther. If inflation outpaces the interest rate then you're losing money. It's not bad to have savings but you should really consider putting that money to work.
16. A little in column A, a little in column B - Diversification is a smart move, but they didn't mention what diversification should be. Some people think that means spread money amongst the stock market, but what if the market crashes? Your eggs were still all in one basket. You have to diversify by investing in real estate, gold/oil/etc., businesses to be truly diversified.
21. Live within your means - Kiyosaki always shyts on this idea. He says you shouldn't live below or within your means, but find ways to expand your means. According to him, when you live below your means you don't get to enjoy everything you've worked for, and you'll still be on a tight budget during retirement.
43. Find ways to lower your bills - This goes back to the previous point about expanding your means. Pay the big items like rent/morgage and your car payment, but don't necessarily start tripping if you can't pay the other bills. If you've paid yourself first and come up short after paying rent and car payments, then you sit down and think of ways to make more money. This is obviously easier said than done, though.
50. Get educated - My gripe with this is the info they give. They're really pushing you into the stock market rather than into other asset classes for investment. I know that real estate isn't for everyone, but people should understand that only putting money into the stock market can definitely backfire on them, expecially if they buy stocks that don't pay regular dividends.
Otherwise it's a decent article. It's good to think 5, 10 years down the line and look at what you'll need for retirement. I'm trying to get white person rich
and have a good chunk of wealth to pass to my kids. I was writing a paper a couple of days ago and had to look up some wealth gap statistics. Back in 2011 white hosueholds had an average of about $101,000 in wealth while hispanic/latino had around $11,000 or $9,000, and black people only around $7,000. That's unacceptable and those of us that do have the opportunity to change that statistic should. I'm trying to hit 6 figures starting, pay my student loans off within about 14-18 months, and within 4 or 5 years be on my way to buying a condo as a rental property. For a while I'd use the income on that to pay the debt down further, then start using that excess to buy another rental property, rinse and repeat. With any luck I'll be catching up to and passing these white people by the time I'm in my mid 30's
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vibe
. I hope he gets the job.
