| Even though most financial planners based their | | | | Rich Dad Poor Dad, and real estate tycoon Donald |
| reduced income calculations on the premise that | | | | Trump both have said: "To reach financial |
| retirees don't require as much income as they did | | | | independence, you need to have multiple streams of |
| while working. The fact is, however, retirement | | | | income." They both have also said that network |
| income needs are likely to rise with age as health | | | | marketing is the way they would advise the average |
| care needs grow. Seniors are living longer. Prices for | | | | person to develop those income streams. |
| important consumption items of seniors, such as | | | | You've now reached another decision point. You |
| prescription drugs and long-term care, have risen. | | | | must decide whether you will remain in your present |
| While the consumption of other items may decline | | | | financial status or make a change and move toward |
| for retirees, it seems entirely reasonable to think that | | | | more wealth. If you choose not to make any |
| health care cost increases will more than offset | | | | changes in the financial direction of your life, that's |
| those predicted declines. And if retirees are able to | | | | perfectly o.k. with me. I know how difficult it is to |
| pay off their mortgages during their pre-retirement | | | | make any kind of changes in your life. To paraphrase |
| years, away go the mortgage interest deductions, | | | | an old physics theorem: A body at rest tends to |
| their number one tax "shelter". So are their taxes | | | | remain at rest until put into motion by some force. |
| really lowered? For many homeowners, they are not. | | | | Habits are hard to break, especially when so few of |
| The sad thing I've discovered is that most of us do | | | | us even readily identify more than a handful of the |
| not believe that we have the power or ability to | | | | hundreds of habits we've formed. |
| choose to have more wealth in our lives. I felt the | | | | If your choice is to desire more wealth in your life |
| exact same way. | | | | and you are willing to put in the work to attract it, |
| Please believe me when I say that financial planning is | | | | congratulations. I'm not talking about any "get rich |
| a really, really good tool but it alone is not enough to | | | | quick" scheme. I'm talking about committed, |
| move you to financial freedom. Also believe me | | | | sustained, purposeful work. Think about your decision |
| when I say that planning in and of itself is not the | | | | for the next few days, and if you are truly ready, |
| problem. To put it bluntly, YOU NEED MORE INCOME. | | | | we'll get started in the next article. |
| Rarely does working on a paycheck-to-paycheck job | | | | Remember, you do not have to live on less in |
| helping someone else live their dreams allow you to | | | | retirement. No matter where you are right now |
| live yours . Saving for retirement is a tough | | | | financially, you can build and enjoy a Million Dollar |
| assignment for most people, not to mention reaching | | | | lifestyle retirement. Peace. |
| financial independence. As Robert Kiyosaki, author of | | | | |