Episode Links: Retirement Planning Success Course
Hello! This is Denver Nowicz, president of Wealth For Life.
We’re gonna talk about the 10 Principles For Building Wealth For Life.
Here’s Principal #1: Going Up and Down the Mountain.
When you think about building wealth for retirement, there’s two parts to the journey, right?
You’re at this part where you are building wealth, you’re accumulating money, and then you’re gonna go out, and you’re gonna spend your money on the way down.
Well, financial planning is one of the only industries where they don’t tell people how to plan for the whole journey.
Now, you would never go out and climb a mountain, and not plan for a climbing down the mountain.
If you look at Mt. Everest, most people don’t die on the way up, they die on the way down, but financial planning doesn’t tell people that.
In other words, they don’t talk to you about your exit strategies.
A lot of people don’t know that they’re investing in the most common strategies in the world, the ones we all use, the 401ks, the investments.
Those are the things that have the highest cost structure when you get down to retirement.
Why? Because it’s easier to sell stuff that costs very little upfront.
Because you don’t have to deal with it…oh don’t worry about it, not a big deal.
Well, the costs are gonna hit you later. Costs like fees. Costs like taxes.
Those things get very big in retirement using the common strategies that people have.
No one talks about it because it’s easier to sell stuff that costs low on the front end.
So principle number one: Know your exit strategy.
Know what the fees are.
Know what the taxes are gonna be when you get down to retirement, so you don’t have these huge liabilities that hammer your retirement.
This will go into detail about how you build this framework to make sure you don’t get down to retirement and get hammered with fees and taxes.
When you do this, you’ll have all the financial peace of mind that you want.