3 Steps to Secure a Rich Retirement

By now it’s clear that business owners and other professionals who work for themselves need to take charge of planning and saving for their own retirement. Most small-business owners can’t count on selling their companies to pay for retirement. And conventional, government-sponsored retirement plans come with hidden wealth traps.

All of which adds up to the reason business owners, entrepreneurs and other self-employed folks need a “Plan B.” Here are three surprisingly simple keys to finishing rich as an entrepreneur, business owner or another self-employed professional:

1. Increase your profits and your personal wealth. 

Learn everything you can about “direct-response marketing.” This tactic lets you track every dollar you spend to the return on investment you get from it. Don’t let anyone talk you into any other kind of marketing, which is designed to make them rich at your expense.

Equally important: Keep increasing the money you pocket from your business. No doubt you’ve seen the sobering illustrations that reveal how much money you’ll need to have a comfortable retirement. Ideally, you should pocket at least $1 million a year.

Related: How to Double Your Desired Income in the Next 6 Months

2. Keep your lifestyle in check.

British economist C. Northcote Parkinson wrote an insightful little book called “Parkinson’s Law.” In it, he notes: “A luxury, once enjoyed, becomes a necessity.” Smartphones didn’t exist all that long ago, but today most of us can’t imagine having one with us at all times. Parkinson also pointed out that “expenses rise to equal income.” How true is that! Have you ever noticed how quickly your increased income is absorbed by a new “necessity?”

 

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Source: https://www.entrepreneur.com

 

About the Author

stephen-kelley
How can you know what you should do if you don’t know what you can do? Author, radio personality, educator and financial planning pioneer Stephen Kelley shares his secrets to More Now, More Later™ retirement income planning. Most planners regard income planning as a “zero‐sum game,” a “Rob Peter to pay Paul” exercise. In these self‐serving, Wall Street‐dictated scenarios, people must limit the amount of income they receive to ensure they don’t run out of money in retirement. But there is an alternative to this “less now, more later,” or “more now, less later” mentality. Using state‐of‐the‐art income planning techniques, and his own trademarked “Last Things First™” planning process, Stephen Kelley blows the lid off the traditional Wall Street‐serving methods and brings retirement planning home to the individual retiree. In his books you will learn how to: - Unleash as much as 3 times the lifetime income using half the money with Kelley’s trademarked planning process, Last Things First™ - Ensure your Social Security benefits enhance, rather than impede, your plan. - Reduce, or even remove, taxes and fees from your retirement plan. - Maximize market returns while minimizing market risk. - Regain control of your pension so you not only get all the income you can, but so you can also leave it to your heirs. - Take control of the planning process so you can spend freely without worry. - Much, much more.

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