Since the USA now has the greatest number of COVID-19 cases in the world, it is easy to believe that our economy will be shut down at least for the next two months... that is to say the rest of March, plus April and May... Only essential services will be working like law enforcement, healthcare, military, fire departments, and emergency medical... However, some restaurants who have "take out capabilities" will be working at half force as well.
BEING RETIRED... my income is steady although some of my investments have lost 20% of its value, but there is always savings on which I can rely 10-20 years from now.
As you get older and/or approach the year that you are going to retire (if not sooner) you should start planning for your retirement. If I had planned sooner, I would be much better off than I am now... for instance:
THE RULE OF 72 - take the interest earned rate and divide it into 72 and that approximates the number of years it takes for your money to double.
If you are earning 3%, your money will double ever 26 years
If you are earning 5%, your money will double every 14.45 years
If you are earning 10%, your money will double every 7.2 years
If you are earning 12%, your money will double every 6 years
NOTE: Since data has been collected on investments (the last 50 years or so), a MUTUAL FUND has been earning, on average, 12% each year, if you leave it alone for 20 years.
WHAT DOES THAT MEAN FOR YOU?
If you were to save $2.50/day and invest it into a mutual fund at the end of each month and leave it alone for 40 years, you would have $500,000...
If you and your wife did that, you would have $1,000,000
On the Average: you can count on about $400/month for every $100,000
So, $500,000 would yield $2,000/month
THINK SMART...
is the key here... you are only stupid if you don't think smart... relying on our Federal Government is a waste-of-time and actually counter-productive.
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