Whether retirement is just around the corner or have many more years to go, setting yourself up for retirement is key and must start now. Do the math. If you want $10,000 and you’re investing at 5 percent, you need $3,765. If you invest at 10 percent, you’ll need $1,400. It’s great if you have a savings account (you’re ahead of most folks), but if that’s the highest form of investing you’re doing—we have a lot of work to do.
It’s not Magic—Compounded Interest
In my 30s, I started saving $50 each month. As I earned more, I saved more. If you invest in a Roth/IRA, your money grows tax-free.
Example: If you invest $1 for 40 years at…
1 percent = $1.49
10 percent = $45.26
20 percent = $1,470
Make your money work for you.
Get a plan down for saving and stick to it. I was trained in trading commodities. To do so, you have to eliminate/minimize your emotion. You go in with a plan and stick with the plan, meaning you invest only under certain circumstances and if it goes down more than a certain amount, you take your loss and drop out. If your trading system loses 80 percent of the time, is this a good system? Perhaps. If you only lose $0.01 (when you lose), and you make $0.05 when you win—this is a good trading system because the winnings outweigh the losses. You can make 20 percent on some investments that are 100 percent secured (by the United States government, such as tax deeds.
About the Author:
Drew Miles
B.S. with Honors Hofstra University Long Island, New York, 1984.
I finished my four-year undergraduate program in 3 years and graduated Cum laude as well as a member of Phi Beta Kappa Fraternity. I majored in Political Science with a minor in Sociology and completed my first legal internship.
Hofstra University School of Law, Long Island, New York, 1987.
During my three years of law school, I completed an internship with a New York Supreme Court Justice and second legal internship with a law firm and also began investing in real estate.
Business: Immediately upon graduating law school and passing the bar exam, I opened my own law practice. From 1988 to 2001, I practiced with my partner under the name Miles and Gillard, where I concentrated in the area of real estate and business law. During that time, I had the privilege of working with thousands of clients in various aspects of their business and investing life.
Find Out More: http://www.irabusinesssystem.com/
drewmiles@pfbs.com
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