We often feel an urgency to start saving for retirement at a young age. “Start saving in your qualified plan (401k) now or you won’t have enough money for retirement!” Maybe we should change our thinking and accept that the economy is changing, and what worked for our parents and grandparents might not necessarily work in this developing economy. Join Daniel Ameduri, of Future Money Trends, and WTR as we discuss why having a passive income could be what you need for building wealth and living the life you thought was merely an illusion, and what you can achieve if you adapt to living in the present.
Ingenious tactics to accumulate wealth, for people who see things differently.
Daniel Ameduri
Website:https://www.futuremoneytrends.com/
Facebook:https://www.facebook.com/FutureMoneyTrends/
Twitter:https://twitter.com/FutureMoneyTren
YouTube:https://www.youtube.com/user/FutureMoneyTrends
Notes:
- Kevin: Daniel is the author of the new book “Don’t Save for Retirement” and the founder of Future Money Trends
- Clearly, you tend to think outside of the box. What inspired you to get to where you are today?
- Daniel: I’ve always had a fascination with money
- Unfortunately, when you make a lot of money in a bubble when you’re young, you’re destined for a blowup which happened to me
- Kevin: Robert Kiyosaki says “The poor way of thinking is ‘I can’t afford that’, whereas the wealthy way of thinking is ‘How can I afford that?'”
- Daniel: The biggest thing that you can to cut spending is moving (either out of state, out of the country, or to another part of the state you reside it)
- Can reduce the expenses by about 50%
- Buying for cash flow instead of buying for appreciation
- Most retirement savers are just speculating and hoping things go up, but my book focuses on how you can rethink that
- If it doesn’t bring you a check don’t buy it
- Kevin: I find it interesting in you saying not saving for retirement because typically, when people are talking about money in terms of retirement, people say they’re going to save for retirement and put money into their retirement savings account, which usually is a 401K or another IRA
- We make a distinction when we talk about money where you have two tanks for money
- Investment tank that has risk (you could lose money)
- Savings tank that is relatively safe
- If you put your money in a 401K or an IRA, it’s in a mutual fund and in the market, meaning it has risk (not a savings account)
- Daniel: So many people don’t know what...
