Time to remind ourselves of some good knowledge we discussed in the first few weeks of the Music and Money Show!
I will be discussing these on air today, but want to lay out the information here so there is something to refer back too!
Quick Tip Hits!
Retirement is not an age, it's a number.
Many people focus on retirement and think, when I'm 62 or 65 I will stop working and collect social security and live off my 401(k) etc, etc. Some people just say, I'm never going to be able to retire. I'll just work till I'm dead.
Neither of those statements are the correct point of view. We all have a particular lifestyle that costs a specific amount.
The question we need to ask is:
- What financial number do I need to generate enough income to support my lifestyle?
Most people just assume a million dollars, but is that correct for you? Some people may need more and some people may need less.
The bottom line is if you can garner an 8% return on your money then $60K a year can be generated from $750,000. I can live very well off of 60k in retirement and just chopped 25% off the amount of my "retirement nest egg."
Figure out what you need financially, then you can figure out your number.
You are the average of the five people you spend most time with
I love this quote. The five people you are closest with or spend the most time with have a big impact on us, as we do on them.
Choose wisely - if those people are quality successful people it leans you in that direction.
If instead they are drama kings and all they do is party and live paycheck to paycheck, that lifestyle will seep into your life as well.
Check your credit report semi-annually
Given that this service is free once per year from each of the credit bureaus (TransUnion, Equifax, Experian) there is no reason to grab this report and give it a quick review.
This is especially important now with the whole equifax data breach issue from a month ago. Better safe than sorry, right?
It takes all of 15 minutes and is a prudent task to ensure there are no unknown credit lines on your account, thus allowing you to catch any potential fraud.
Additionally, you can also clean up your debt availability situation. If you see a bunch of credit cards that you don't ever use still sitting open on the account, may want to close them.
The Hits!
There you have it, three of my favorite hits from the quick tips shared on the Music and Money Show.
The show is live every Tuesday at 4pm EST, you can listen here:http://mspwaves.com/home/listen/
Other knowledge and things ScaredyCatGuide has his hands in!
If you have ever considered investing in rental properties. I have the step by step guide to walk you through the process and ensure you buy right: https://scaredycatguide.com/book-store/
I like using my bitcoin to trade stocks and currencies - I do so here: https://1broker.com/?r=13279
And since I like to gamble a bit and love passive income - my current high risk/high reward investment: https://bitconnect.co/?ref=Mitch78
Best Regards,
