By Michael Masterson
Masterson, a self-made millionaire, attracts upon his personal reports and that of specialists in particular fields (retirement, making an investment, actual property) to provide a whole software on attaining monetary independence. prepared round 5 key ideas, the writer indicates readers find out how to elevate their source of revenue and proceed to save lots of for the long run; the best way to stay extra conveniently; how you can achieve fairness in a enterprise that would offer an source of revenue circulation for the long run; find out how to purchase actual property and the way to take a position the remainder of your funds. The booklet will provide particular steps together with how you can increase wealth-building conduct, locate the best company to speculate in and the way to increase a 3 to 15 12 months plan to arrive millionaire prestige.
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Additional resources for Automatic Wealth: The Six Steps to Financial Independence
We’d be rich in no time,” I assured them. 36 AUTOMATIC WEALTH I had this conversation with them about a half dozen times that spring. Practically every time we were together and beer was available to fuel the speculative mind, the subject occurred to me. Had I been talking to almost any of my other friends, nothing would have come of it. I would have gone back to work for the pool company at $6 an hour, and Larry and Eddie would have continued flipping hamburgers down at Harry’s on Park Avenue.
But before I do, let’s talk about why it’s so important to act immediately. Because now is the best time ever to build wealth. Why? Because now is always the best time. Now is always the best time to start anything. Results take time, and time is a limited resource. The sooner you begin, the faster you’ll get where you want to go. This is universally true, but it’s especially true when the goal is to build wealth. You can’t control the economy. You can’t predict the markets. You can’t ultimately protect yourself from disaster.
To get that answer, you have to know how many pretax dollars you will need to live comfortably—how much you’ll need, per year, to cover housing, food, and utilities. So calculate that now (and be sure to add in the money you’ll want to spend on travel, education, and leisure activities). Once you’ve done that, the next step is pretty easy. 4 percent, according to Ibbotson Associates) and then subtract that number from your current net worth. That will give you a quick estimate of how much more money you will need to add to your net worth before you can possibly retire.
Automatic Wealth: The Six Steps to Financial Independence by Michael Masterson