Today, we look at the interplay between hard work and good work. We have a saying here at Money Over 50: with your hard work and our good work, we can achieve great things.
Many of our new clients come to us with around $700,000 in assets and about ten years left of their working lives. Their goal is to make sure they have enough money in order to live a good lifestyle during retirement. The first question we ask them is: how much money do you spend now? This is important, because we find that nobody wants to downgrade their lifestyle once they retire. So, to know what you need in retirement, first work out what you need right now.
Who remembers the ad from 1994 about the average family having 2.3 children? It may be stretching the memory a little, but we clearly remember the little boy in the ad who certainly wasn’t a fan of being ‘the .3’. In the ad, he complains of never fitting in the backseat of their family car. Enter the Ford Laser – the car which all families must buy in order to fit all three kids! For a blast from the past, check it out here: https://youtu.be/jNNIJBiSyA
During an initial consultation, we always ask our clients what their goals are. It can take some time to really work out what they want to achieve in their retirement, and what financial strategies they should use. Often, the first thing new clients say to us is, “I want a good return on my investments.”
Michael’s son had his first day of school this year. In the week leading up to it, he was incredibly anxious about his first day – it was almost challenging to even get him into the car! But the afternoon told a different story, when he came home with a grin from ear to ear and spent the rest of the afternoon talking about how much fun school was. Life brings us many challenges – but Richie had conquered his fear.
Whenever we tell people we’re financial advisers, the first question we get asked is ‘what is a good investment?’ or ‘what should I invest my money in?
We often discuss owning the great companies of Australia and the world and how it benefits you in retirement. Today, we look at some things you can do while you are still working.
When it comes to your retirement, your finances and your business: no-one’s coming to your rescue. In other words, all of those things are your responsibility. That might sound depressing, but it could also be viewed in a positive light. Imagine the possibilities when all those things are in your control.
We recently wrote an article about ‘Your Perfect Retirement’ for the latest issue of Success Business magazine.
It’s a significant birthday but also culminates in a time where your earnings capacity is usually at it’s highest and your expenses are reducing in that your children have flown the coup (or are not far from doing so) and your mortgage is paid out or under control. Getting your ducks in a row from age 50 also gives you more time (eg. 15 years if retiring at age 65) when compared to leaving it later.
Dallas Davison, Michael Hogue and Ali Hogue.