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Rich Dad, Poor Dad, Bankrupt Dad?

  • January 25, 2019/
  • Posted By : admin/
  • 0 comments /
  • Under : Scams & Schemes, Seeking Prudent Advice

You’ve probably heard of Robert Kiyosaki through his best-selling book series, Rich Dad, Poor Dad.  Kiyosaki holds himself out as a self-made wealth guru who is happy to share the secret money-making strategies of the wealthy.

The tactics that he has advocated range from silly to illegal and include things like insider trading, buying multiple real estate properties for no money down, and buying stocks on margin via unfunded brokerage accounts.

And you can add bankruptcy to Kiyosaki’s highly questionable list of strategies.  One of Kiyosaki’s businesses, Rich Global LLC, filed for bankruptcy protection in 2012 after it was ordered to pay a $24 million settlement.  Kiyosaki will not be putting any of his personal fortune toward the settlement.

There is no evidence that Rich Dad, the man who allegedly imparted all these money-making secrets to Kiyosaki, ever existed.  Nor is there any evidence that Kiyosaki amassed any significant wealth before the publication of Rich Dad, Poor Dad in 1997. Nonetheless, Kiyosaki is now reportedly worth $80 million!

In all likelihood, Kiyosaki did not get wealthy using the schemes he pushes in his books, but through proceeds of his book sales and personal appearances.  He got wealthy selling the dream and illusion of get-rich-quick schemes.

source: Forbes

 


Quick Check: Are Your Retirement Savings On Track?

  • January 18, 2019/
  • Posted By : admin/
  • 0 comments /
  • Under : 401(k), Retirement, Seeking Prudent Advice

The two greatest impacts on your retirement savings over time are starting early and saving consistently.  Beyond that, how do you know if you’re on track to have enough set aside to retire comfortably? Fidelity Investments recently published convenient “rule of thumb” that provides convenient, age-based targets to help you gauge your progress.

What’s the end game look like?
If you’ve saved eight times your annual salary by your last year of work before retiring, you should have enough money to replace 85% of your annual income for a 25-year period, including social security.

Age-based targets for retirement savings. For example, at age 35 you should have saved one times your annual salary. By age 55 you should have 5 times your salary. Ultimately retire at age 67 with eight times your annual salary set aside in retirement savings.

Here are the key milestones for getting to 8x and beyond:

  • age 25: start saving for retirement beginning at 6% of annual salary and increasing this by 1% per year until it reaches 12%; employer provides a 3% matching contribution
  • ages 31-67: setting aside 12% of annual income for retirement savings with an additional 3% matching contribution from the employer
  • age 35: you should have saved one times your annual salary
  • age 45: you should have saved three times your annual salary
  • age 55: you should have saved five times your annual salary
  • age 67: retire with eight times your annual salary in retirement saves
  • age 67-92: live off your retirement savings

Recognize that this is a broad guide and each person’s requirements will vary by the specifics of their situation.  Nonetheless, this provides a quick and easy reality check.

What if you check your actual retirement savings and you’re coming up short against these targets?  Try to increase your retirement contributions to close the gap.  Sit down with a financial planner to review your plans and your portfolios to make sure they are optimized for success.

Age-based retirement savings targets for an individual making $100,000 per year.

Source:
Fidelity Outlines Age-Based Savings Guidelines to Help Workers Stay on Track for Retirement


The Investor Sentiment Wheel

  • January 11, 2019/
  • Posted By : admin/
  • 0 comments /
  • Under : Behavior


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