Episode 16: Habit of Saving Part 2: A Beginner's Guide to Making Your Money Work For You.

The cornerstone of all wealth building is the habit of saving. It is how you can systematically distribute your income so that a substantial percentage will steadily accumulate. No one may succeed in life very long without developing the habit of saving money. There is no exception to this rule, and no one may escape it.

If you were to ask the average person how they define success, they would most assuredly respond that successful people have lots of money. Why then, in a society that defines wealth as a criterion for success, are so few people educated on how to accumulate money?

The answer to that question varies but one thing is sure, the current of social expectation does not live up to the promise that if you work real hard, you will make it, as evidenced by the following statistics.

Out of 100 people who start working at the age of 25, by the age of 65:

• 1% are wealthy
• 4% have adequate capital stowed away for retirement
• 3% are still working
• 63% is dependant on Social Security, friends, relatives, or charity.
• 29% are dead.

Out of every 100 people who reach the retirement age of 65:

• 62 retire with less than $25,000 in assets and depend on Social Security or family for their retirement.
• Another 35 retires with less than $100,000, have some form of pension in addition to Social Security, and are just making it in their retirement. If either Social Security or their pension went away, they would have a tough time surviving.
• 2 of the 3 remaining retirees have an adequate pension or retirement account. They have assets of between $100,000 and $750,000. They do appreciate having the additional money they receive from Social Security but could survive without it.
• The last of these 100 retirees is the only one who is financially independent. This retiree has assets approaching or exceeding $1,000,000. They do not need the income from Social Security at all.

Which group above will you be in when it is time for you to retire?

Clearly, something is not working if 95% of people will fail to accumulate sufficient money to get them through their retirement years.

Join Ron Bouchard and Ana Silveira as they discuss the importance of developing a habit of saving.

In this episode, we’ll discuss:

• The seven reasons why developing a habit of savings is essential to building a strong foundation.
• The four stages of wealth
• How you can be a millionaire in your lifetime.
• And more…

Links to Ana Silveria of J. Barrett & Company Realtors

• (978) 314-3788
• anas@jbarrettrealty.com

Related Links and Resources:

Visit our main website at:

https://waypointmastermind.com/VIP/

Visit our Gone Fishing Podcast Webpage

http://gonefishingpodcast.com/

Subscribe on Itunes:

https://podcasts.apple.com/.../gone-fishing/id1519168586

Support our work by checking out our great merchandise:

https://www.sargassoapparel.com/