PERSONAL FINANCE – insights from “The Dimensional Entrepreneur”
Discipline will help us to understand personal finance. Its more than just money as we know it but will entail such aspects as estate planning, understanding personal risk profiles, investing and creating wealth!
I have seen that money has a “spirit & emotion”, it stays with you when it realises you understand it and even treat it with care. However money can be domineering if it realises that you “worship” it. Running after it may just as well render you as a slave to it.
A research that was done some years ago shows that most people at retirement still didnt have a plan how they are going to generate income.
That is a problem then – if your current work and spending mind-set does not allow you to think and know there will be a day when you no longer wake up and go to work to earn money.
You need to start thinking now how you will retire. Let me just share a little on the results of this research:
(Surveillance was on lifestyles of 100 people who retired at age 65)
54% were heavily depended (on either relatives and state)
36% had to look for alternative employment.
5% were deceased
4% were OK – at least they had over a million to take care of them on their retirement.
1% were wealthy – they had more than $5Million to retire on.
Since this research was done in 2001, could you say the situation has changed, are people getting wealthier now or even more poorer?
DO YOU HAVE A PLAN FOR YOUR RETIREMENT? THAT PLAN SHOULD START TO BENEFIT YOU NOW – NOT WHEN YOU RETIRE. WHEN THAT HAPPENS, YOU WILL HAVE WHAT YOU NEED TO SAVE FOR YOUR RETIREMENT.
1. Get Personal Financial Education
2. Create a Financial Game Plan
3. Get a Financial Coach