■ Almost 43% of millennial (age 18-34) has no retirement savings.
○ Worst part of it is that a lot of this population do not even think about retirement. They think that it is too far away.
■ Almost 90% of Gen-X (age 35-54) have less than $200K in savings.
○ This means that their clock is ticking.
○ If they do not make right financial decision quickly, they would not have enough time life to build sufficient wealth that would last into their retirement.
■ Only about 23% of Seniors (age 55+) have $300K or more saved up.
○ Now, we know that, $300K-500K is not going to help someone retire. It may only last for a few years.
■ Even though we live in one of the most developed countries in the world, unfortunately, majority of the population retire poor.
So, what is it that the 10% of the population know that the rest of the middle America does not?
It is the “WEALTH FORMULA”.
If I want to bake a Cake, I need to know exactly what ingredients are needed and in what proportion. If I mess even one ingredient, the Cake may turn into an “ACHE”.
Similarly, to build wealth, what ingredients do I need? Lot of people think that to build wealth they need money. The more money they can earn, the wealthier they become. However, that is only partially true. So, what are the ingredients that go into building wealth?
■ The primary ingredient of the wealth formula is – money. But apart from money, how much time do you have? The more time you have, the more wealth you can generate.
■ What is the rate of return every year? Hopefully it is always positive. What if it is negative? How does that impact my wealth.
■ Finally, inflation and taxes are always going to eat into my wealth.
We want every family to understand how they can build wealth. Unfortunately, no school/college teaches these basic financial concepts.
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