FREE Happiness-Shift Bullet Journal ---- CLICK HERE NOW :)
About Online Courses Noteworthy Blog Coaching Join Camille Login

TRIBE Tips Tuesday - June 18 - You CAN be a millionaire!

Uncategorized Jun 18, 2019

Money. Money. Money.  I read a lot of books about money.  Maybe because my first jobs were with a major investment company and then a large regional bank, I'm comfortable seeing money as a commodity.  I don't fear it.  But I definitely worry about having enough to do the things I want to do.

So you would think with all this research and worry, I'd be sitting on a big retirement account and diligently paying myself first year after year.  Sadly, I am late to the savings party.

Several years ago I started my own business and I got out of the habit of paying myself first.  It was much easier to do when I worked for a company and could have savings removed before I ever received my paycheck.  Even if the company you work for doesn't match your 401k investment, it's still a great benefit to automate some of your earnings into a retirement account.

When I talk to people about their future money needs, the most frequent phrase I hear is "I want to be a millionaire when I retire".  It can really seem unattainable to most of us.  (Especially if you've been lax about putting money away).  So I went looking for a clear graphic that shows just what it takes to reach millionaire status.  I found this one at CNBC.com

This graph assumes you are starting at zero and projects a 7% return every year.  If your money is parked in an index fund (which is what Warren Buffet recommends!) you would be earning at least 7% if not more.

Clearly, the earlier you start the less painful it will be to put aside the necessary money.  But at any age, just getting started moves you down the path to your goal.

Like most things in life, saving for retirement is all about getting yourself into the right mindset.  I find I'm more successful when I know WHY I'm working towards a goal.  And the goal has to be a positive reason and not an avoidance.  For example, saving for retirement so I won't run out of money is not nearly as compelling as saving for retirement so I can make an impact by participating in volunteer projects around the world.

Flipping your mindset from a goal set in fear to a goal set in joy can make all the difference between failure and success.  Not just in saving for retirement but in achieving all of your dreams.  

Having data and making a plan are key factors in getting me where I want to go.  Writing them out and sticking them on my refrigerator or bathroom mirror as daily reminders is highly motivational.  So you know where this graphic is hanging right now. ☺️

 

Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.