Aug 19, 2022
Saving: How Much You Save $, Matters More than What You Invest In
- BRT S03 EP39 (138) 8-19-2022 – Wealth for Life
Things We Learned This Week
- Saving - How Much, Matters More Than What You Invest In - Saving 76% vs Investments 24%
- Earning Years - People in their 40s saving 10% / year, when they need to be saving 30% +
- Few People (4%) will Retire Well (w/ $3 Mil of Assets) - hard to save so much $, Advice is outdated, need new Plan, Diversify like the Wealthy w/ better Assets
- 4% Rule is Out-dated - take 4% / year in retirement to not spend all money, now the rec is 3% / year
- Scale Wealth – Tax Control, Financial Leverage, Build Income Streams, Defensive Assets
Co-Host: Denver Nowicz, President - Wealth For Life
https://wealthforlife.net/brt/
https://twitter.com/denvernowicz
Denver is an advisor with nearly 20 years experience working with clients in investments and insurance, designing retirement plans with a combo of both. He takes us through different strategies for clients to get the best allocations for their money over the long term. It is the Combo Strategy of both Offense and Defense, the synergy of the mix, not ‘All or Nothing’.
Notes:
WFL Savings
Savings – to have a good retirement. Biggest factor is how much you can put away
Saving money over time maters more than the investment chosen, 76% savings vs. 24% RO I / Investments
Conversation w/ an Advisor is often all about the investing part / ROI the 24%
People hit their “earning years” in their 40’S, need to catch up and save more. Saving 10% when you need to, save 25-30%
You are earning $250K, to maintain lifestyle, need to save 30% to keep lifestyle
You make $250K / year, need to save $80K / year
Investing Advice is out dated
Costs more if you wait – just like
Use financing for your retirement, just like a mortgage
Mindset shift for people, you can finance your retirement income
Charts – income and age = how much to save $ / year to reach retirement income
Few people retire well. Just 4% of people will retire with $3 million/assets
Enjoy life - New strategy to adjust saving
Do you want to live the Dave Ramsey lifestyle, save for 30 years and hope you can enjoy your retirement
Use Leverage to catch up on savings – save a lot over 5 years and finance retirement
Catch up on saving and catch up on time
4% rule – take 4%/yr in retirement to not spend all money, based on a $1 mil 401K
Idea is you will spend down your assets, so have to be able to ride out market downturns – experts think it should be revised down to 3% Rule
Assumed only place is stock market
Wealthy diversify – 20% in stock market, rest in other assets, real estate, business, private equity – many of these deals are conservative, grow at 10% / year and take limited down turn hits
You want to have other assets that you can draw income from, especially if the stock market is currently down
Most financial advice just tip of the iceberg – stocks and 401K
Scale Wealth – 3 Principles
Tax Control
Financial Leverage in a safe way w/ downside protection
Build Income Streams
Defensive Assets – get more money for less
Protect wealth & earn 60% ( to 100%) more with leverage strategy.
Safety goes up, risk goes down
Most financial advice does not talk about these strategies
Stop following that mainstream advice that is dated
Move some money out of the market, less market risk
Strategy that got you to one level, probably will not get you to the next level
More Info on WFL and Tax Free Matching: HERE
Wealth For Life Topic: https://brt-show.libsyn.com/category/Wealth+For+Life
Link to Taxes Show on 10/31/2021 w/ Denver: Here
Link to Offense / Defense Show on 6/6/2021 w/ Denver: Here
Link to Shows, Denver was a Guest: Here
Investing Topic: https://brt-show.libsyn.com/category/investing
More - BRT Best of: https://brt-show.libsyn.com/category/Best+Of
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