It takes two things to build real wealth: (1) Work for money, and (2) Put that money to work.
We all sacrifice time, money, effort, and time with family to make money. And we continually sacrifice time and effort in our attempt to make more money. In the back of our minds we know we need to save for retirement, so many of us try to scrimp and save as much as we can. The problem is, no matter how much we save, most of us will never be able to save our way to retirement. The only way to retire wealthy (or at all) is if we put our money to work better than our advisors have.
Quick question: What annual return has your advisor made on your money for the past year, or 10 years?
Most of us don’t really know the answer to this question. Partly because the reports are confusing and advisors are busy and partly because we’re intimidated by the who market thing and don’t want to think about it too much.
So most of us know how much we save each month and we might know how much is in our accounts and we feel the constant stress that it won’t be enough to retire. And it won’t. The average American retires with just under $200,000 in their retirement plan. This is not enough to enjoy life in retirement. In fact, this failure by your advisor to provide a better plan causes many to fear they’ll run out of money before they run out of life.
It’s time to stop the cycle. Stop stressing that you don’t have enough. Just put the money you do have to work at a higher annual rate and you can turn any amount into millions because of the power of compounding interest. Don’t believe me? Look at the table below to see the power of compounding at different rates for just 10 years using the following assumptions:
- Initial Investment (the amount you start with)
- Saved Per Month = Monthly savings amount
- Total Saved = Amount saved over 20 years at the Saved Per Month Rate
- 4% = Average Mutual Fund return (after fees) past 20 years
- 10% = Average stock market return past 20 years
- 30% = Far less than Warren Buffet guaranteed and very doable trading currencies
It’s not too late for you to have a better life than you ever dreamed possible. All it takes is a commitment to your financial future that most people would rather not make. Peter Lynch famously said that most people spend more time planning their vacation than they spend preparing for their retirement.
It’s time to live today like most people won’t so you can live tomorrow like most people can’t. The Forex market can make that happen on your schedule. It’s open 24 hours a day, 5 days a week. Below is a 1-hour chart of the EUR/USD currency pair showing the potential and speed of profits the Forex market could generate.
Stop feeling stress about your money. Start putting your money to work today and retire with more than you dreamed possible.