The key to great wealth is remembering one truth…
No one cares about your wealth as much as you do.
Starting today, I want you to realize Wall Street and Washington are not here to “take care of you.” Both are in the business of false promises. Both are in the business of selling fear so they can collect huge amounts of money from you and me. They are the best at what they do.
Wall Street calls the money it collects from you “fees.” Washington calls the money it takes “taxes.” And most Americans just pay up… After all, they’re being “taken care of.” I want you to end this sort of thinking.
The government won’t take care of you. You can’t count on Social Security or the government to pay for your retirement. For decades, the folks in Washington screamed how broke the fund was. And each year, they took away more and more of what was promised from the money you paid.
And you can’t count on financial planners to protect you either. When I talk to people about their investment planning, they say something like, “I don’t know. My guy has got me invested in some funds or something.”
That simply doesn’t cut it. Your “guy,” as good as he may be, doesn’t care about your wealth as much as you do. Many are happy to take your cash in fees or annual charges… money you could easily use to improve your retirement if you paid a little more attention.
This doesn’t mean you need to spend all day trading stocks or becoming an expert in finance. You just need to know what your guy is doing and why. If he won’t sit down and explain it, fire him.
You don’t need to be an expert, but you need to be financially literate. You need to know the words “diversification,” “asset allocation,” and “compounding.”
Take 10 minutes this week to understand a little bit about stocks, bonds, and mutual funds. You’ll want to learn about the fees you’re paying, who is getting the money, and if you even need to pay fees at all.
Why? Because no one else will teach you. The only person who truly cares about the future of you and your family is you.
That’s why, this week, I’m sending you this series of short essays I’m calling, “Five Days for a Wealthy 2017.”
Each day, I’ll send you a little note on one of the key thoughts that will help you become a better and richer earner, investor, and saver – starting with today’s advice to take care of yourself.
The fact that you are a Retirement Millionaire Daily reader means that you’ve already taken my first key to wealth to heart.
Wealth is certainly not the be-all and end-all of life, but it is one area of expertise I feel comfortable talking about… More important, everyone can easily make great strides by changing the way he or she thinks about wealth in just a few small ways.
If you’re feeling a little behind on fully fixing your finances, here’s what I want you to do…
First, resolve that this is the year you’ll set your financial plan in motion. Read “Five Days to a Wealthy 2017,” and take our lessons to heart.
Next, come up with a simple, two-step saving and investing plan that works for you. If you’re working with an adviser, have him explain his thought process behind regular saving and investing.
And if you’re new to investing, resolve to invest in your first mutual fund by the end of February.
It doesn’t need to be a lot. You can invest small amounts by using an online service like Capital One Investing. Start with $50, or even $25. You can do it.
You can and should use the help of experts. But remember, they’re working for you, not the other way around.
Again, I’ll put it simply:
- You have to (and can) understand your finances.
- You have to (and can) make a simple plan for your retirement future.
- You are the only one you can count on to do it.
Once you muster this powerful attitude, you can easily learn the other important lessons of finance.
I’ll be back tomorrow with the key to the most powerful force in all of investing.
Here’s to our health, wealth, and a great retirement,
Dr. David Eifrig and the Retirement Millionaire Daily Research Team
December 19, 2016
P.S. Retirement Millionaire subscribers get my keys to living a wealthier – and healthier lifestyle. But Retirement Millionaire Lifetime Partnership subscribers get even more. Once per quarter, I send a cherry-picked investment from my trading service, Retirement Trader. Each month, I also send out my Uncut podcast. Click here to learn more.