If you are going to walk this long journey of life, you better make sure you’re wearing the right pair of shoes.
Selecting the right pair of shoes is not just based on comfort and style but on understanding that not everyone’s feet are the same size or width. The same understanding applies when developing an effective strategy to provide cash flow for a lifetime and maintaining quality of life.
Helping clients identify their own traits, behaviors and situations helps select a plan more likely to succeed. Which ones might apply to you?
Deniers: always think they can take action tomorrow because retirement is too far away. They avoid systematically reducing the largest potential risks in life with disability, life or long-term care insurance until it is too late.
Strugglers: constantly encounter financial setbacks and perceived emergencies that sabotage their retirement and savings.
Impulsive: hope to retire early but have saved no more than $10,000 to provide retirement income. They struggle with the conflict of working well into their 70s to maintain their current lifestyle and downsizing their standard of living to basics necessities.
Cautious Savers: have already started to save but have no means to pay for future medical or long-term care. They can maintain their lifestyle but will be financially devastated when the first medical or health issue arises because they don’t have employer or Medicare medical coverage.
Sandwich Generation: care givers caught between taking care of a parent or a spouse and/or child. They do the right things for the right reasons, and in the end, they take 10 years off their life expectancy and are left in poverty from the cost of caring for others.
I urge you to join the ranks of the prepared.
When you change the way you think about life, you will take care of the most important thing: YOU!
The simple truth is the less you plan, the more you pay!
Charles has master’s degrees in Taxation, Accounting & Education. Charles can be reached at 954-559-8556 or at charles@cehow.com, and he holds a “CHAT with CHARLES” open seminar every Wednesday from 7:30 to 9 p.m. at 5892 Stirling Road #5.
