Retire Rich

Contentment is the only real wealth.
Alfred Nobel

The benefits of retiring rich can include freedom from worries about comfortable housing and quality health care as well as affording travel, supporting loved ones, enjoying hobbies, leaving a legacy and more.

Here’s a video for building retirement wealth after fifty.

• 7 Habits of the Quietly Wealthy Retiree, 12 Minutes
• 6 Retirement Planning Hacks That Actually Save You Money, 6 Minutes
• Generational Wealth Stats from Dave Ramsey: 5 Ways to spend in Retirement and Build Lasting Legacy, 8 Minutes

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Here are PacificLife.com’s “4 Ways to Help Turn Income into Wealth.”   First, increase savings by reducing debt, tracking expenses and calculating retirement needs. Second, diversify money by placing in various investments, including those that provide equity and cash flow.

Third, create generational wealth, like owning a home, life insurance and an annuity with beneficiary benefits. Wealth can also be shared while living by:

• Helping a family member make a home down payment or start a business.
• Providing educational assistance for a college education or through direct payment to the school.
• Paying for a family member’s medical expenses.
• Owning a business that can be passed to the next generation.

Fourth, Learn about building wealth by,

• Consulting a financial professional who can navigate complex, wealth-building strategies.
• Studying investing and entrepreneurship..

Investopedia’s “7 Simple Steps to Build Personal Wealth” reminds to earn enough to cover basic needs, save, invest and protect assets. Also, have clear financial goals while managing debt.

GuardianLife defines wealth as, “the total value of assets … minus any debts or liabilities.” Assets can include cash, savings and checking accounts. Also, real estate, vehicles, jewelry and collectibles. Business interests can be added as well as copyrights, patents, life insurance policies.  In their post “How to Build Wealth in 9 Steps,” recommendations include these types of insurance,

1. Health, to protect from paying catastrophic medical bills
2. Disability, when unable to work due to illness or injury
3. Homeowner, to be reimbursed should home or property be destroyed
4. Umbrella, to protect assets from lawsuits
5. Life, to protect family finances. [Remember, permanent life insurance (as opposed to term life) can also serve as a tax-advantaged savings vehicle, thereby serving double duty.]

Succeed and Soar!

Sandra Gould Ford
Presenting arts experiences to encourage, refresh, enrich creative thinking and inspire.

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Radiant Tree Books