Finances And Banking, Investing

What is the Best Age to Retire? | Wealth Building Strategies for Financial Confidence Later in Life

“What is the best age to retire,” is a question I have been asked many times. Here’s the problem, it’s the wrong question to ask. It’s not about your age, it’s about the financial confidence and abundance  you build for yourself throughout your life, which will allow for your retirement. When you are financially secure and you have built true financial freedom, you can retire when you want to, no matter your age.

That means the age you can comfortably retire comes down to the wealth building strategies you are using right now to create your financial foundation . Here are three simple wealth building strategies you can use to set yourself up for retirement. 

Pay Your Family First

Pay Your Family First is the name of one of my companies, and the wealth building strategy it is founded on is self explanatory, but many people don’t know how or don’t think to use it. The strategy here is to take a percentage of your income each month and put it aside to invest it in assets that will pay you and your family far into the future. If you set it up as an automatic payment, it comes out right away, which allows you to invest regularly without having to think about it. Even if it’s a small percentage at first, every little bit counts. 

You will attain financial freedom when the income you have coming in from your assets exceeds the amount of money you have going out each month in living expenses. By paying your family first, and automating your investments, you will increase the number of assets you have, which will steadily build your net worth. 

What Are the Best Assets to Invest In?

This is a question that really depends on you, where you are in your life and your knowledge of investing. 

The first thing I have to say here is EDUCATE YOURSELF. Take the time to do the research. Talk to people who are experts in their area and learn what they have done consistently to build their wealth. There are so many ways you can do it, which is why it is so important to gather the information and start making choices that work for you and your family. 

When you are doing your research, it’s important to know you can Buy, Build and Create Assets. While real estate is one of my personal favorite investments, there are also retirement funds, stocks, bonds, equities, rental properties, businesses, franchises, angel investing and more.  

If you have an entrepreneurial heart and mind, you might also want to create your own assets. Great examples are:

  • Books
  • Courses
  • Inventions
  • Unique processes

These types of assets can be built once and sold over an over again, bringing great value to the people who need your expertise, insights and guidance. In return, you get an income stream that pays you for the value you bring and share. 

The more diversity you have in your investment portfolio, the greater number of income streams you will have. That means you give yourself the opportunity to build wealth in multiple ways, which will create greater financial security later in life and better protect you through economic downturns. 

Debt – The Final Factor in the Wealth Building Equation

Not all debt is equal. There is good debt and bad debt. (CLICK HERE for a more detailed article.) It’s important to educate yourself on the differences between the two. But either way, the amount of debt you have, good or bad, directly affects the amount of money you get to keep at the end of each month. This is why it is important to reduce the amount of bad debt you have, and then you can put the money you were using to service your debt toward purchasing more assets. By doing so, you will reduce your expenses and increase your streams of income, which is a necessary wealth building strategy we can all use. 

To get started, divide your debt between good debt and bad debt. 

For example, you are better off to pay down your credit cards than your mortgage, since the credit cards have far higher interest rates. Each credit card may also have different interest rates and it makes the most sense to focus your attention on paying off the debt with the highest rate first. But sometimes you may want to pay off the card with the smallest outstanding balance first which will give you a faster “WIN” and energize you to then focus on the card with the highest interest rate.

Every extra dollar you can put toward paying off your debt matters. When you make a payment, celebrate! Enjoy the wins, even if they are small, because the things that get celebrated get repeated, and that alone makes the happy dance worth it!

As you explore and learn more about building wealth and creating financial security in your later years, you will see that it is not difficult to attain financial freedom, it simply takes dedication, focus and persistence. 

By following these three simple steps, you will be using the wealth building strategies that will give you the ability to retire at any age!

Always remember, the fastest way to reach your goals, is to learn from an expert who has a repeatable process, then do what they did to get where they are, step-by-step. That way, you don’t have to struggle to figure it out on your own. 

I’d love to be that expert for you. I’ve created a program called Let’s Talk Money! In it, I share powerful ways to master your money and create the financial freedom you so richly deserve. CLICK HERE NOW TO LEARN MORE.

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