Will you be okay when it's time to retire? Here's what to do

[Dien Rice]

If you line up all Americans, from richest to poorest, how much in assets does the person right in the middle have?

The answer is $44,900 (link).

Half of Americans have more, and half have less.

Is that enough to retire on?

Probably not...

This is (or should be) a worry to many people!

That's why you HAVE to learn money-making skills!

Many people on this forum have learned these skills... But I know that many, including those who may be reading but not posting much, haven't yet learned this skills...

But - learning these skills NOW is what will "save" you when it comes to your "golden years"...

The last thing you want is to have to struggle in those times. It's a scary thought...

Thank God, I co-founded this forum around 14 years ago now. Why do I say that? Because I've learned a LOT over the years - and quite a lot of it from this forum itself!

If you haven't learned these skills - there's no time to waste!

There are a TON of posts here to learn them from... And a lot of savvy people to ask your questions to...

I would start by learning sales and marketing skills, if you don't have them. Learn by doing.

I once asked Gordon Alexander (co-founder of this forum, and who has really been one of my mentors), what I could do to improve my entrepreneurial skills.

He said - get a sales job.

Now, I happen to have a Ph.D. in physics (or, "Piled Higher and Deeper" as Gary Halbert used to say!).

How many such people learn sales skills? Very, very few.

But - I did it. I took Gordon's advice, and got a real job selling comedy club tickets. And I learned a lot of sales skills by doing it!

You know what? Now, if I need to compete against other "academic" types - I have a HUGE edge. The reason why is because most academic types have zero sales skills, and zero marketing skills... Competing in that kind of environment, when you have these skills... is a bit like taking candy from a baby.

Anyway, this is just a "cold, harsh reality" post. Don't let your future self down. Learn what you need to learn to survive, and thrive!

I think there are so many clever ideas on this forum... The mind boggles...

Then, when your "golden years" come around... you'll be golden!

Best wishes,

Dien

Great message but I wonder how many of us truly even give retirement a thought. I work in that market and I can tell you there is a reason why the number is 44K and not 440K. I won't do it in this post. Just wanted to toss in my 2 cents...

[Dien Rice]

Originally Posted by sandalwood

Great message but I wonder how many of us truly even give retirement a thought. I work in that market and I can tell you there is a reason why the number is 44K and not 440K. I won't do it in this post. Just wanted to toss in my 2 cents...

Hi Tom,

I'm really curious... You'd have an insight into this. Why, in your experience, is the number (that is, the total "assets" the person "right in the middle" has, if you line up everyone in the US from richest to poorest) not higher?

Best wishes,

Dien

Originally Posted by Dien Rice

Hi Tom,

I'm really curious... You'd have an insight into this. Why, in your experience, is the number (that is, the total "assets" the person "right in the middle" has, if you line up everyone in the US from richest to poorest) not higher?

Best wishes,

Dien

Attitude of the person doing the saving. Here is an example from my stock broker days.

I was forced to cold call every day except Sunday for new clients. I was pretty good at it and managed to bring into my office approx. 2000 people. Of those 2000 only 20, 1%, had an actual personal money management program.

The others knew such a thing existed or were gonna look into it or a dozen other excuses. I'll never forget one of the people who showed up. He was a California Highway Patrolman.

I always asked the people to bring a copy of their household budget with them so we could look at the numbers together. Plus it gave me a stupendous insight into their money knowledge.

Anyway, this guy and his wife show up and he lays out his hand written budget. To make a long story short, he had exactly $5 left over at the end of the month that he could call his own.

Mind you he also had a bad attitude brought on by his debt and the fact that he was forced to work overtime, his words, every week to pay his bills. It never once dawned on him that he was holding his answer in his hand.

He was the most extreme case. Like I said, the others had great excuses. Now the clients I did put into a portfolio were money savvy. They knew where it went and how they got it in the first place. This is the group of people who are far above the 44K number. They were the ones I wanted but didn't always get.

By the way, I was in the top 10% of money earners among my class mates (guys who came on board the same time I did).

Regardless, it's like my mother used to tell me: Put something aside for a rainy day. I guess nobody ever told these people it WILL rain on your parade so be prepared.

Hope all that makes sense.

Great thread here, Dien and Tom.

Combined with Don's thread about R.E. videos ... yep, this has been more than worth what it costs to join this forum!!!

Thanks for the thought-provoking exchanges.

And Dien, thanks for the hard work recovering those recently lost gems.

there are so many things in there I would love to re-visit. Don's recent posts have been incredible, but there's so much great things that have been posted since the board was revitalized.

That gap between August and "today" has gobbled up some true trophy threads.

So, thank you thank you thank you for your efforts and diligence in restoring what can be saved.

Saw this article on yahoo this morning:

http://www.usatoday.com/story/money/...401k/19732597/

Take it for what its worth...