Planning is the key to long term success. Passive income and generational wealth are the goals but what is the plan? For those who are just starting out in life and for those who are already on the path, mid-November is a perfect time to take stock of how it should be done. If you are one of those who does it right, then use this advice to tighten up what you’re doing now or use the advice to shore up what needs to be improved.
This month has seen our oldest member turn 93! She became a member in 2020 and in the two years she has been a member has received the total amount of her membership cost which will make all future payments to her pure profit. Our youngest member was born in June of this year. I for one am always fascinated by coincidences. Our oldest member lives in New York state and our youngest lives in Hawaii – we can now say membership is truly coast to coast. Just saying.
Back to the plan. Remember when saving, do it every week. When you have sufficient savings open a savings account where you can have your weekly savings amount automatically placed in that account. When there is two hundred dollars in the savings account then go online and open an account at Treasury Direct.gov and purchase $100 worth of I bonds. When you have saved your third hundred dollars open a stock brokerage account and purchase a REIT with that hundred. The next hundred saved you should use it to buy stock. When completed you will have a perfect guide to your lifetime investment plan. Allocations as to percentages in each of the four categories will change based upon your age. At the national minimum wage, you can accomplish this in 56 weeks! At that point you should be entitled to a raise at your job so you can increase your weekly savings. Of course, at some point in time the minimum wage should increase adding to your saving plan. Don’t wait until the New Year to make a resolution- start today with this simple plan!
Just a reminder joining the Mathmatecum between now and the end of year will garner you full years share in our annual distribution!!! Also giving a membership for a Christmas, Hanukkah, or Kwanzaa gift is a unique and valuable gesture.
JAI BABA
TTFN
JU
