If you don't do this, you will likely never, ever be wealthy.
You will work until your health collapses, and you'll be dependent on the whims of Washington bureaucrats. Quite possibly, you'll die broke.
It's a disturbing fate... But many Americans will experience it firsthand.
Starting today, I want you to look at retirement in a completely different way. Erase the dangerous information you’ve been spoon-fed since you were too young to know the difference about your money, your health, and how things work in America. This dangerous information feeds dangerous beliefs... beliefs like “Go to a good school and get a job with a big corporation, and it takes care of your retirement”... “Buy mutual funds and everything will be fine by the time you retire”... or “Wall Street will take care of your money”... Can you really believe politicians and their promises that “Social Security will take care of you?” Notice that phrase that keeps coming up? It’s among the scariest phrases in the English language... especially when Wall Street and Washington D.C. get involved. Here it is again:
“Take care of...” So for a moment, forget about “investing” – that is, buying and valuing stocks, picking a fund with the lowest fees, or finding the ideal asset allocation. All those are important. But your retirement... and wealth that you accumulate across your lifetime... depends almost entirely on just one factor: Your savings rate. It doesn’t matter whether you make $30,000 per year or $300,000. It’s all about the percentage that you can save... For example, if you save 10% and spend 90%, it’s going to take a long time to become wealthy. But... and this is outrageous... you would actually be saving at double the 5% rate of the average American. It’s that simple...
Starting today, I
want you to look at retirement in a completely different way.
American Consequences | 63
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